They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.
That is how it should be, but I doubt that every casino works like that, I suppose a portion of them keeps those coins for themselves, after all KYC has become more widespread than before, and now not only suspicious accounts go through it and now anyone trying to make a withdrawal has to pass those identity checks, so if you got a big win but you are unable to demonstrate the origin of those funds, the casino can keep those funds for themselves and the player will never know this was the case. 
Topic: Where Will It Go If The Money Comes From Illegal Source - page 4. (Read 623 times)
Do you think the casino will be honest in this scenario? Will the authorities be able to find out if they have a case where funds from a closed account are in the casino?
Casinos do not operate on their own. They are bound by rules and regulation that govern which they must comply with and are judge or audited by such. Nevertheless, there is a chance that some casinos may display unethical behaviours which is not uncommon in some institutions. And that unethical behaviour could entail not reporting to the authorities and keeping the money to themselves. They can even invest it as part of their bank roll. 
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Remember, (CASINO) is not gonna to check, scan, or question your transaction to their service platform unless they are contacted by authorities. So, even your source transactions are coming from illegal activity they will not gonna to due research of your account/transaction.
This information is actually for casinos that use Fiat not Crypto.Remember, (CASINO) is not gonna to check, scan, or question your transaction to their service platform unless they are contacted by authorities. So, even your source transactions are coming from illegal activity they will not gonna to due research of your account/transaction.
Because casinos that use fiat are not able to trace the source of money/deposit which coming from their customers, unlike crypto because there is a blockchain.
Many casinos, exchanges, mixers and 3rd payment providers have used Blockchain analytics tools to detect fraud and money laundering.
Is it legal for casinos to keep the money?
I don't think they can keep the money, they have to inform a law enforcement agency of their findings and turn the money over to them... I'm sure the laws and procedures vary by jurisdiction, but if they just keep the money they took from a player, that's theft.
And if they report it, the player himself should probably get in trouble, an authority should investigate him and see what the person is actually doing. And if everything is in order, a player/person can file a complaint and they should return the money that the casino took from him.
But is this also the case with crypto casinos? I'm not sure and I believe that not all casinos are honest and fair to their players... unfortunately, the crypto gambling space is still the wild west and there are a lot of strange things going on.
I think the casinos operates under the licence, terms and conditions of the governments so, basically it should be the government regulating the casinos and lottery commissions that literally asked those casino firms to request for the KYCs so that it could enable the regulators detect individuals who undercover with the casino after executing their illegal activities.
Else I do not think if the casinos would really care about your source of income but what they would only care about the profits they are generating from your Lost.
So in that case of the government overruling the casinos, the money from such gamblers would be a reverted to the governments custodian and if it is lyes just within the casino then it is another form of fraudulents of illegal extortions.
So, it all goes back to the governments
Else I do not think if the casinos would really care about your source of income but what they would only care about the profits they are generating from your Lost.
So in that case of the government overruling the casinos, the money from such gamblers would be a reverted to the governments custodian and if it is lyes just within the casino then it is another form of fraudulents of illegal extortions.
So, it all goes back to the governments
But the interesting question is actually whether the casino will hand over the money to the government when the account user who has the nominal does not provide the data to the casino, this is no provision, so it could be kept by the casino or given to the government, and this is difficult to determine because it questions what steps the casino might take.
Due to the fact that such action from the casino would put their license at risk I.e if they decide to go ahead and keep the money for themselves after confirming that it was indeed from an illegal source or not without doing what is expected of them to do.
If confirmed the money would be sent to the government and the casino would banned the account that received the money permanently while if the money was discovered to have come from a clean source then the account that received the money would be reopened and all the balances will be returned back to it - and the user will be notified of it so that they can continue their activities.
Casino license comes with regulation from AMLA. Their license is jot only for display but as compliance with authorities to avoid crime within their business. As many already pointed out, illegal funds will go to the authorities which the user is under jurisdiction.
Casino will face legal issue if ever they owned the money from illegal source because they will be part of the crime which is a huge loss rather than keeping the illegal money on their own. Most of the time, Casino refund the deposit of users with suspicion of money laundering and just seize the profit made on the account.
I never saw a case so far that ended up with actual money laundering.
Casino will face legal issue if ever they owned the money from illegal source because they will be part of the crime which is a huge loss rather than keeping the illegal money on their own. Most of the time, Casino refund the deposit of users with suspicion of money laundering and just seize the profit made on the account.
I never saw a case so far that ended up with actual money laundering.
Is it legal for casinos to keep the money?
Technically they are not allowed to use that money either but legality has lot of loopholes so they will just use the term money on hold which is just numbers on their platform while the funds deposited will be in circulation as long as they want until they are contacted by government authorities to return the held funds.
Like so, the casino with the frozen money will be handed over to the authorities but I don't know the mechanism of how the casino runs it, whether it is waiting for a lot of money to be frozen to be directly reported or every thing that is done will be reported directly.
But in this case there must be a lot of money frozen from several users with a small amount of the rest of the casino hoarding more and then after a long time there is no follow-up from the user then maybe it will be reported directly with some data provided.
That is my own assumption, honestly we never know and where the casino keeps the money frozen.
But in this case there must be a lot of money frozen from several users with a small amount of the rest of the casino hoarding more and then after a long time there is no follow-up from the user then maybe it will be reported directly with some data provided.
That is my own assumption, honestly we never know and where the casino keeps the money frozen.
Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.
Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
This is ambiguous about what attitude the casino might take, basically if it is true that it is illegal money then it should be handed over to the government that regulates the casino if the user does not provide personal data properly to the casino to justify that it is his money and the results of his work or whatever it is with his money. Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
But the interesting question is actually whether the casino will hand over the money to the government when the account user who has the nominal does not provide the data to the casino, this is no provision, so it could be kept by the casino or given to the government, and this is difficult to determine because it questions what steps the casino might take.
What I'm certain of is if such reg flag is raised then the authority is informed about the suspicion and investigation will commence by the government and if that money is laundered then it will be seized and converted to state fund while the holder is taken for charges but the question is what happens if the money is genuine after the casino has raised the flag and investigation conducted while they have banned the account, because sometimes you could have hard time trying to get on with your KYC and it might be misunderstood to be fraudulent reason. So the question is what if the money happen to be a genuine money after the owner gambling account is banned 
They do not keep the money to themselves. I think it works this way. When they seize the funds, they then report to the authorities. the authorities will then start an investigation while the investigation is on, the casino still has the funds. When the investigation is completed and it turns out that the cash comes from an illegal source, the casino then hands over the funds to the authorities and their hands are off. However when the reverse is the case, the funds are returned to the account of the owner and their account is unfreezed or unbanned.
This is likely the process of what casinos does if someone isn't able to provide requirements for kyc and prove that their funds are clean and not dirty.That's the main purpose of KYC, to know where your funds comes from as the casinos are also just checking in if the money flowing in to them are clean and they're regulated by the authorities.
So, there's due process and they don't really keep the money unless they'll treat it as a dormant account. Maybe, they can do that or not and that can be a different story and scenario.
Of course it's legal for the casino to withhold someone else money and they will send it to the authority when the gamblers can't verify their KYC and the cases already too long. Check this address, it's belong to U.S. government https://platform.arkhamintelligence.com/explorer/entity/usg
Any licensed and regulated centralized sites have a right to steal your money legally.
Any licensed and regulated centralized sites have a right to steal your money legally.
The casino conducts what's called Customer Due Diligence and Enhanced Due Diligence to verify the source of funds when they deem a player's funds suspicious. So if a player fails to provide the requirements in the KYC process, their account may be frozen or closed, and the funds they're trying to bring into the platform may be tagged as illegal. Do you think the casino will be honest in this scenario? Will the authorities be able to find out if they have a case where funds from a closed account are in the casino?
And how/when do they deem a player's fund suspicious? I am curious about how bank work in that regard too. Is it because of public regulations, do they have their own system, or it is simply an algorithm that halts the operations in certain cases where different causes are very hard to explain?
Sorry because that's not the topic discussed here, but I find it very interesting and both topics are closely related.
I read they will turn over the money to the authorities.
if the money is proven to have come from an illegal source, yes, it is part of AML regulation(as far as I know), as members have already mentioned, the casino doesn't keep the money, they must report if they believe the funds from an account came from an illegal source. also, if casinos don't report incidents like this, they will most likely lose their license and face penalties. But the main issue is how to identify that a particular money is from a fraudulent means or not. People have sources of income that's not all that illegal but that's also not that genuine to have made it public as an occupation or so and if that's going to be the reason for ceasing a person's fund it might be a bit unjust.
The casino conducts what's called Customer Due Diligence and Enhanced Due Diligence to verify the source of funds when they deem a player's funds suspicious. So if a player fails to provide the requirements in the KYC process, their account may be frozen or closed, and the funds they're trying to bring into the platform may be tagged as illegal. Do you think the casino will be honest in this scenario? Will the authorities be able to find out if they have a case where funds from a closed account are in the casino?
If a casino locks your account without having received a notice from authorities, but just out of precaution... Then there's two possible outcomes if you can't provide sufficient proof that your funds origin is clean:
1. They might deny your winnings or part of it, give back your initial deposit and prevent you from playing further.
2. They might retroactively contact the authorities and keep the funds until they can get a green light to do something specific.
In my experience, the most common outcome is #1, and a certain few casinos will even be more generous in paying out winnings as well, so long as you weren't also involved in match fixing etc. Others will deny every single cent you won and never mind the hit their reputation can have. That's why I like to search in this forum for accusations before I deposit anything significant in a casino.
1. They might deny your winnings or part of it, give back your initial deposit and prevent you from playing further.
2. They might retroactively contact the authorities and keep the funds until they can get a green light to do something specific.
In my experience, the most common outcome is #1, and a certain few casinos will even be more generous in paying out winnings as well, so long as you weren't also involved in match fixing etc. Others will deny every single cent you won and never mind the hit their reputation can have. That's why I like to search in this forum for accusations before I deposit anything significant in a casino.
Part of casinos' terms of service is banning your account if you cannot justify your source of income or they think it comes from an illegal source, so if a casino bans your account. You have 6 digits in your account; where will the money go, and do they have the right to keep the money? There is no provision; I read they will turn over the money to the authorities.
Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
Is it legal for casinos to keep the money?
This discussion is based on a question of our bro seoincorporation
Casinos ask for KYC to avoid money laundering, but if the gambler isn't able to give the requested data then the casino keeps the money. If the casino keeps the money isn't that Money laundering?
Let's have an open conversation on this
- When that happens, you can probably feel a lot of pressure and depression because, at 6 digits, you don't know if you can recover or not. And even if others say that they are going to submit it to the authorities, I doubt that they will actually do it completely.
For sure, the others there will also be reduced by the casino owner himself; even if they turn it over to the authorities, they will not give it in full. And we who own the fund are the unfortunate ones because they have feasted on money that is not theirs.
It can become a problem for them if they keep the money. Anti-Money Laundering Act will be in effect here especially if they don't know where the money came from which is probably the case on why a banned account happens and freezing their funds.
I think it's legal for them to keep the money until the authorities take it from him. There's nothing they can do unless the owner of the account proves that the money is legal and can prove that he has the source to create such money.
It's better if we could hear some professional answers here from online gambling site's owners or financial team so that we can be clear about this.
I think it's legal for them to keep the money until the authorities take it from him. There's nothing they can do unless the owner of the account proves that the money is legal and can prove that he has the source to create such money.
It's better if we could hear some professional answers here from online gambling site's owners or financial team so that we can be clear about this.
I read they will turn over the money to the authorities.
if the money is proven to have come from an illegal source, yes, it is part of AML regulation(as far as I know), as members have already mentioned, the casino doesn't keep the money, they must report if they believe the funds from an account came from an illegal source. also, if casinos don't report incidents like this, they will most likely lose their license and face penalties. That's correct, once it is proven that the money enters in your account is came from illegal sources then your account will be freeze or banned and the money from your account will be reported to the authorities, Casino will not take your money because they are not allowed and every cases like this will be reported to the authorities for reviews and actions. there's a corresponding team or people who's assigned to process this type of cases.
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