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
Depending on the severity of the case when that money confirmed from money laundering then the authority of the law requires them to keep that money temporarily. The casino itself has no opinion but to hold that amount of money at their custody just for investigative purposes.
Money laundering is rampant, particular with drug cartels around the world, and I believed it's really uncomfortable which other illegal activities used gambling as their front image just to hide themselves.
That's why KYC is importsnt and it is really needed in order tk avoid this kind of scheme where money laundering and many other crimes related to money can be done, that's why I dont get it when a gambler is oppose to the compliance of KYC because we know what is the purpose of KYC it can be served as the security for both the platform and customer, and the platform has the right to lock the account and to lock its funds if the accusation is proven, that's why I'm not against KYC because its either we comply or not and if not then you cant use that platform, there are some platforms that dont require KYC but think again will you not let your funds be safe in case a casino will lock it for no reason? And also have some suspicion because KYC serves as security, and if a platform doesn't have that, then expect that the platform is suspicious.