Re: Crypto Casinos vs money laundering.

Quote from: Yatsan on October 26, 2022, 03:29:44 PM

the only thing a casino would be concerned of money laundering is profit because it would allow more players to continue playing.

Quote from: ethereumhunter on October 26, 2022, 02:20:43 PM

Quote from: deathcode on October 24, 2022, 04:34:38 PM

Quote from: seoincorporation on September 13, 2022, 08:56:20 PM

Let's be honest, money laundering is the best thing that can happen to a casino and there is where most of high rollers comes from. I have seen some rollers in the past that runs some huge scams and then go to the casinos to play with the scammed money and with that justify where they get the money from after hitting some huge wins.

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering, what casinos should do is to investigate the source of the deposits to fight against this illegal activity, but that will not happen because is a win-win game from them.

So, what do you say, does crypto casinos really care about money laundering?

I think of course implementing KYC in casinos isn't sure to stop money laundering completely.
because money launderers will always have many ways and methods to launder their money.
money laundering practices not only go through crypto casinos, they will split their money and put it into trades, properties, stocks and much more.
they will do various things by putting their money into small pieces and converting their proceeds into other assets.
which in the end they make as if the proceeds of crime are their property from legitimate business activities.

I think at least a few casinos that implement KYC will prevent and maybe be a little difficult for the money launderers.
and will also provide small pieces of information for the relevant investigators to point to the money launderers.

But then again, the money launderers are not people who have just entered the money laundering business but must have had years of experience. So even if they are dealing with a casino that implements KYC, they will easily find another less restrictive casino so they can still run their business. This money laundering is like a business for them because they already have a place to use to launder money and maybe find a place to store their money safely. But crypto casinos are trying not to become a repository for money laundering proceeds and implementing KYC is one way to avoid that problem.

An established casino won't allow risks to be that high especially for their assets. Money laundering won't close a deal with a small amount. Given that it would be expected to be huge, casinos would somehow ring a bell to secure what might be a loss on their end. Agreement will not be drafted and close without edges on both ends. KYC would be wuestioned on the other hand by the 'customers' so casinos would need to find a better way to aid suspiscion but being fair at the same time.

If the casino is indirectly involved in money laundering, they will try to keep it tightly closed so that it is not visible to outsiders and few people know about the secret. This will be further covered if the casino owner also runs a money laundering business so that they will freely use their business and make money from other business results. But reputable casinos will not let this happen. They will always try to monitor every transaction in their business and ensure their casino is clean from money laundering.