Quote from: DabsPoorVersion on May 10, 2024, 11:15:20 PM

Quote from: Lida93 on May 10, 2024, 06:42:37 PM

Quote from: coin-investor on May 10, 2024, 10:38:24 AM

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

Quote from: seoincorporation on May 07, 2024, 12:06:59 AM

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.

I think it's the casino that has a way of determining of possible money laundering. Then they will coordinate to the authorities for the investigation and any other process that needs to be taken. The authorities will also While the casino will request for more documents such as the source of the money, etc. which needed to confirm if the money is from illegal or not.

The casinos could have their way of determining on that but also I think from what you said both the casinos and the authority can issue the call for investigation. Am convinced that for a casino to be under the regulation of the authority then the authority could make an audit to it's accounts on the movements of money in and out, and certain accounts out of suspicion could be called out for immediately KYC and investigation if there are irregularities to the documents presented by the account owner's. But be it as it may, there is every tendency that all confiscated money by the casino must go to the authority.