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
Isn't it the authority that initiates or makes the call for a suspected account to be investigated for illegality or money laundry?
If it's the authority then it's unarguably that the money during and after investigation will be in the custody of the authority which will now take ownership at the end if investigation shows it's a launderers' account. In as much as the law is concerned in all societies any property gotten through criminal means automatically becomes a property of the state when the offender is found guilty after investigations. So in this case it is going to be so with casinos, the money goes to the authority not the casino, except maybe, there's a certain per cent given out to the casino from the total money based on MOU between the authority and casino.