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. 
Topic: Where Will It Go If The Money Comes From Illegal Source - page 5. (Read 623 times)
I think the ToS is clear about their stipulations regarding their KYC implementation system.
Generally, online gambling companies that require KYC will at least inquire on the legitimacy of your funds in your wallet to prevent any form of money laundering. Assuming that you deposited more than 6-digits if money to your gambling account, this will necessarily alert the gambling online company to double check the legitimacy of your funds. If they discover something that is not right, they may suspend your account or they may alert you with their CS about it.
Now if their CS asks about the nature of your funds and the person cannot justify with certainty its legitimacy, then the gambling companies would have custody over your funds and they, on the other hand, may turn it over to the officials. Though this may be the case, some gambling companies also may freeze your account and your funds would be transferred to them.
At the end of the day, it is all about their KYC. If you violate any of their terms which is explicitly stipulated, then you will experience its consequences.
Generally, online gambling companies that require KYC will at least inquire on the legitimacy of your funds in your wallet to prevent any form of money laundering. Assuming that you deposited more than 6-digits if money to your gambling account, this will necessarily alert the gambling online company to double check the legitimacy of your funds. If they discover something that is not right, they may suspend your account or they may alert you with their CS about it.
Now if their CS asks about the nature of your funds and the person cannot justify with certainty its legitimacy, then the gambling companies would have custody over your funds and they, on the other hand, may turn it over to the officials. Though this may be the case, some gambling companies also may freeze your account and your funds would be transferred to them.
At the end of the day, it is all about their KYC. If you violate any of their terms which is explicitly stipulated, then you will experience its consequences.
Even if they give the tainted coins to the authorities, that's still theft. The player is may not be aware of the tainted coins he has. Just because somebody else before him used these coins to commit crimes, doesn't mean another innocent person should get punished for the crimes he didn't commit. That's way too retarded. If they think this player who deposited the money is the guy who did all those bad things, then why don't they just catch him? If he is innocent, why seize his funds? That's problematic on so many levels.
Either we empower decentralized services or nobody will safe in any centralized services that accept crypto.
Either we empower decentralized services or nobody will safe in any centralized services that accept crypto.
I think what the casino will do is the same as when gambler cheats, namely by freezing the account along with all the money in the account balance.
Casino will not keep the money and of course the casino will check and also track every activity that was previously carried out, so that it can be seen clearly what really happened.
Once everything is clear, the casino will hand over the money to the authorities to use as evidence and this is also done to avoid casino involvement in illegal money laundering activities.
Everything will have its own way of working based on the existing provisions and every money laundering problem, the casino will always have various ways to solve it.
Casino will not keep the money and of course the casino will check and also track every activity that was previously carried out, so that it can be seen clearly what really happened.
Once everything is clear, the casino will hand over the money to the authorities to use as evidence and this is also done to avoid casino involvement in illegal money laundering activities.
Everything will have its own way of working based on the existing provisions and every money laundering problem, the casino will always have various ways to solve it.
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 a good input but along the line there is something I want to also asked this question to know as well..Let say for instance, I am from Nigeria and I have account with one of the casino's probably my account was ban for completing kyc and they noticed that since I can't complete it and they money is suspected to as laundering knowing too well that its personal funds, how would their authority knows that the money is not from illegal source or legal source knowing too well I am from another country or jurisdictions. Will they have to contact our authorities?
Nope, after they lock and seize your fund. Mostly they will transfer the money to authorities.
1. They getting contacted by authorities for suspicious transactions and are involved in crime on their service platform.
2. Casino receives the order and will begin to lock your account & seize the fund.
3. Mostly users will contact the casino for the reason why their account is locked.
4. Casino explain the situation
5. Once the casino explain these things, and passed a period of time. They will send the the fund to authorities
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.
1. They getting contacted by authorities for suspicious transactions and are involved in crime on their service platform.
2. Casino receives the order and will begin to lock your account & seize the fund.
3. Mostly users will contact the casino for the reason why their account is locked.
4. Casino explain the situation
5. Once the casino explain these things, and passed a period of time. They will send the the fund to authorities
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.
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.
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
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