Source of Wealth - new requirement by casinos?

CasinoNinja

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Apr 27, 2017
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Just received an email from Rizk, from the loyalty team which is ironic as they have been dead quiet to me for months..

Anyway, apparently I have to Confirm where my funds are coming from by completing a Source of Wealth tickbox, they say it's a new EU regulation.
I don't mind, but I think it's getting a bit too much asking for all this information from us..
 
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colinsunderland

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The regulations I read (which may have been uk specific, I can't remember) state casinos have to do this if the player is a high risk for money laundering.

Was it just tick boxes and you didn't have to send any further documents, tick boxes I have no problem with, sending payslips and bank statements I do!
 

Vibroverb

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so why are you a player of high risk for money laundering? Or if they got that wrong, they're unlikely to give up just by you telling them so, so it sounds like a lot of hassle for the players, which is what the casinos want. I suspect this will become more frequent, and they'll find another excuse other than high risk of money laundering.

In my opinion, it is extremely offensive and hypocritical of Casinos to ask that of players that are not criminals. Can the Casinos confirm none of their money is not from fraudulent sources?
 

Casinomeister

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From the Casinomeister Newsletter: 25 November 2015 Malta iGaming Seminar report

...And come next year, those players who reside in the EU will be getting a rude wake up call. After April 2016, casinos licensed and or operating in the EU will be required to ask where their players funds are coming from. So you, as a player, will be sending in not only your IDs and phone bills, but declaring what your occupation is and what is your source of income. Some players may not have an issue with this, but I have a feeling that many will. It's far too intrusive - many gamblers are protective about their identities. It's another example of a ridiculous nanny-state that we're in...
 

goatwack

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Those bloody sneaky 'Other' boxes :mad:

The number of times I've put 'Money Launderer' in those, I swear they do it on purpose :eek:
 

Jono777

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My only concern and it is a small one is will they go totally overboard with this....

I don't have an issue with sending maybe the odd payslip here or there or the odd bank statement showing funds going in maybe once. BUT I won't be overly happy about it as has been said too intrusive.

My point also being that my (and many, many others for that matter) deposits are usually £25 per casino, per session, maybe 5 time a week. (less if losing lol)

If indeed this new rule/law is AML based then surely I and other low rollers would never be troubled with this request, I mean who in their right mind would launder @ £25 a time :rolleyes:
 
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Vibroverb

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But what do they determine increases a players risk of money laundering? Is it his deposit amounts, game play, country of origin, etc that would arouse suspicion?

If none of the above, than any player can be subject to it, random safety procedure...I have not experienced this yet, but I would be willing to take my playing elsewhere. I'd tick 'other', and put 'other casinos', as I both work for online casinos and play at them :)
 

goatwack

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Yeah the problem lies with 'High-risk Money Laundering', you'd think it meant high amounts going through the casino, but what's to stop them snooping around lowrollers if they consider them high risk?

If casinos get to exercise this authority based on a whim then that's too much. If they have discretion to skirt around some loose laws and wording then it stops becoming aimed at potential fraudsters, and simply a tool to extract personal information off everyone 'because they can' :mad:
 

Nate

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This is also coming from the likes of Neteller - I was asked to declare my source of wealth WITH Proof. I obviously obliged as I needed the account active. All i simply did was send them screenshots of the affiliate programs who paid me to Neteller and never heard from them again. I mean that was something they knew already.

I think the problem came in as I sometimes keep rather large amounts in there and I could withdraw it or deposit at a Casino. I have since started using Ecopayz and I suppose its a matter or time before they ask too.

Eventually it WILL bite and supporting documentation will be needed by casinos - The thing is, are you willing to go that far to keep your casino account open?

Nate
 

electronictonic

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Yep more intrusive totalitarian measures, I can see the questions in the future.

Which hand do you wipe your arse with?

Do you piss with the seat up or down?

Do you crack one off with your right hand or left hand?

I suppose it's a way for the powers that shouldn't be being able to see how much people have for various reasons, this won't be required at all in the future, when they roll out their grand plan
that David Icke said was coming over 20 years ago, it will be a single world currency and it will be all electronic, it will be a cashless society which means the end of notes and coins and everything will be easily traced, we are already seeing
some countries adopting electronic currencies, contactless cards anyone? pay with your mobile anyone? those are to get you used to the electronic cashless society, before it eventually rolls out world wide.


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Vibroverb

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I'm sure a lot of serious gamblers will be willing to do that, after all, you're legit and got nothing to hide, and if playing is a source of income, it's all good but the majority will feel it's a bit too intrusive and could give up.

The Casinos would react to this loss somehow, maybe there could be a 3rd party process where you give your bank account number to the casino and they check with the bank. I can understand they would like this information, and it's a requirement by the new law, but somehow asking players to prove they're not criminals just doesn't sit right, and the Casinos should have a think too, they should want a better way so players can just play freely on the site and not have to worry about anything
 

goatwack

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To me it's as though players have to prove their innocence. Casinos will twist this as if it's for our own good and they're following 'laws', but I remember the good old days when everyone wasn't tarred with the same brush :mad:

And yes, I would have no hesitation in ceasing gambling. Now if I fritter £1000s per month, fair enough, check away. Otherwise no way.

Plus what do I need them prying into my racketeering enterprises for :eek::eek::eek:
 

lockinlove

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tick other and state you received money from a nigerian prince and you are set for life so no need for anymore questions
 

paulcr

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How about putting 'Bitcoin Miner' as source of wealth.

Wish I had kept the few bitcoins I mined a few years ago.:mad:
 

goatwack

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How about putting 'Bitcoin Miner' as source of wealth.

Wish I had kept the few bitcoins I mined a few years ago.:mad:

Or just 'Miner' :eek:

Little do casinos know I work 18 hours a day just to earn three shillings and my bfh so I can have a punt on DOA :mad:
 

ed skull murphy

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I'm sure a lot of serious gamblers will be willing to do that, after all, you're legit and got nothing to hide, and if playing is a source of income, it's all good but the majority will feel it's a bit too intrusive and could give up.

The Casinos would react to this loss somehow, maybe there could be a 3rd party process where you give your bank account number to the casino and they check with the bank. I can understand they would like this information, and it's a requirement by the new law, but somehow asking players to prove they're not criminals just doesn't sit right, and the Casinos should have a think too, they should want a better way so players can just play freely on the site and not have to worry about anything

One of the primary reasons why we've been given the internet is for data mining purposes, for certain interests to know every little thing about us. If you want privacy, you'd better give up the internet.

I've certainly been toying with the idea of giving up this crazy existence to try and make it in an off grid shack up in the mountains somewhere, living from the land.
 

colinsunderland

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Yeah the problem lies with 'High-risk Money Laundering', you'd think it meant high amounts going through the casino, but what's to stop them snooping around lowrollers if they consider them high risk?

If casinos get to exercise this authority based on a whim then that's too much. If they have discretion to skirt around some loose laws and wording then it stops becoming aimed at potential fraudsters, and simply a tool to extract personal information off everyone 'because they can' :mad:

Exactly. To make it worse, the casinos are being extremely cagey about it all, and won't answer questions. So they want all this information from customers, but don't actually say what its used for, what they do with it, who looks at it, if its sent outside the casino etc. Dan actually stated he can't talk about it due to the law, which is bullshit, but totally ignored the question of which law, probably because its a made up one. If thats the attitude of a decent casino, what are the others going to be like?

Imagine you deposit £100 a month at casino A, who give you say a 100% deposit match once a month as a retention tool. They request bank statements. They see you deposit £1000 a month at casino B. Is that the point you suddenly get no more bonuses from casino A as they see you aren't actually loyal to them as you spend 10 times as much elsewhere?

I know some people will say 'dont see a problem, I have nothing to hide', presumably they will be ok if the casinos request access to your webcam so they can check its actually you playing? How about the government sticking cctv in your sitting rooms, bedrooms etc, I mean, if you have nothing to hide.....
 

ed skull murphy

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I know some people will say 'dont see a problem, I have nothing to hide', presumably they will be ok if the casinos request access to your webcam so they can check its actually you playing? How about the government sticking cctv in your sitting rooms, bedrooms etc, I mean, if you have nothing to hide.....

They might already be doing it, through the built in lens on your laptop, or your webcam. Unless you disable the webcam within Adobe Flash preferences, you cannot be sure, I'm referring to State snooping.
 
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