Quote from: game-protect on August 19, 2017, 10:13:39 AM

Quote from: OshiNick on August 07, 2017, 08:27:43 AM

As far as the anti-money-laundering limits go, a lot of it has to do with the industry you are in. For example when I worked at Betfair and subsequently Unibet, there was a constant emphasis on meeting obligations around anti-money-laundering legislation.

Obviously gambling is seen as a high-risk area area for money-laundering, especially Oshi, being a Cryptocurrency casino.

As I understand it there is no single rule about transaction size. I think it's more to do with perceived risk of money laundering happening. And bear in mind that if we or other casinos like us are investigated by one authority or another, it's because they believe they have sufficient reason to do so. I don't want this kind of investigation and therefore we are thorough about 'know your customer'.

You follow the AML laws of which country? Can you please quote those laws?

Authorities never ever controlled any gambling shell company in Curacao, so you must refer to another jurisdiction?

Quote from: OshiNick on August 07, 2017, 08:27:43 AM

And does it make us money if we 'know our customer'? No it doesn't. Why? Because we don't seek customers from jurisdictions were not licensed for and so:
a. It's unusual for us to find customers from jurisdictions we can't serve
b. Following on, we rarely end up withholding winnings from these people, because they're rare in the first place.

You never control anything if customer lost and will not give anything back in such cases, but control and confiscate balances if customer won.

This behaviour obviously brings you a financial advantage and a disadvantage for your customers!

There's quite a lot to cover here, but as a preface for anyone reading...
Who is behind this question
'game-protect' runs this website https://game-protect.com/ he offers a mediation service to gamblers who have issues with given providers.
I'm not that clear on what kind of authority they have in any dispute. Generally with mediation services, a licensing authority would issue a licence to mediate on the behalf of a customer when sorting out issues with operators. This is a good example https://poggwebmasters.com/

Anyhow to answer his questions:
"You follow the AML laws of which country? Can you please quote those laws?" AML= anti-money laundering laws

legals and white label
it's important you (the reader) understands a few things before I answer this question. I am on a white label network that is run by SoftSwiss. If you don't know about white label networks, essentially there is a corporate entity that takes care of game integration, licensing, transactions and to some degree customer services. I have a casino brand that sits on top of the SoftSwiss platform.

Because the licence and transactions are managed by SoftSwiss, it means legally they are ultimately liable for prosecution in the event of a particular government invoking anti-money laundering laws against Oshi, or any other SoftSwiss casino.

Anti-money laundering law
Because this business is global in the true sense i.e. it's a Cryptocurrency casino and Bitcoin is borderless, it's misleading to suggest we work with specific anti-money laundering legislation for specific countries. In this situation we typically reference the United States and their guidelines of roughly $3000 per transaction before a 'know your customer' check is done. Because of our sensitive situation i.e. it's Cryptocurrency, we typically have a slightly lower KYC limit of around $2000 if we see some suspicious indicators, such as the site being accessed from a jurisdiction we cannot accept customers from.

So the KYC limits are not rigid, or tied in with specific territories, they are a pragmatic approach to a problem that could cause us a lot of trouble.

ref: "You never control anything if customer lost and will not give anything back in such cases, but control and confiscate balances if customer won. This behaviour obviously brings you a financial advantage and a disadvantage for your customers!"

I'm not quite clear on what's being said here. I think he's saying that if a customer loses, we don't do KYC , nor do we return losses. And if they win, we see if they have broken terms and conditions and confiscate their funds if they have.

Money-laundering
Bear in mind, KYC applies to transaction size and the flow of money. Money laundering is simply the running through of money via a third party in order to hide the provenance of the money. I.e. the true source of funds.
If money is deposited and remains with us, that is not money-laundering because we are accountable for the deposits been given to us.

Retaining customer losses
In respect to us keeping customer losses, of course we do. That's because every individual who gambles with us enters a contract which we clearly show on Oshi. In very simple terms, the contract says: I want to gamble, if I win you pay if I lose you keep the funds.

We constantly have people attempting game us, whether it's bonus abuse or attempting to use bots or double spend Bitcoin transactions. If we find people haven't kept to the terms and conditions they've agreed to by using the site, then we have a right to confiscate winnings or in many cases close active accounts, even if they're profitable to us.

If you look at our terms and conditions we've made a huge effort to make them easy to understand. Why? Because we want Oshi to be straightforward. Where we have terminology that is difficult to understand, we always have the same information in plain English. https://oshi.io/bonuses/tcs

House edge
People forget that our house edge is on average only 3% and we typically give away more than half of that 3% margin in bonuses. We are one of the most generous casinos on bonusing in the marketplace. That 1.5% margin is eaten up by game provider fees and business overheads, which give us an actual profit margin of less than .5% - and this is a fairly normal margin breakdown.

Responsible gambling
As far as customers losing huge amounts of money... The big question is always whether they can afford to lose that money. If customers can't afford to lose this amount of cash, they are problem gamblers.

If we see somebody losing large sums of money, we will ask what's going on because we don't want people destroying their lives through gambling. If they are problem gamblers, we will obviously ask them to set limits or close their account. The reason we do this is because I want Oshi to be honourable in the way we conduct business.

By the way...
I hope that answers the questions and do check out https://game-protect.com/bitcoin-gambling/