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Your Input Please UK Casinos Face Money Laundering probe.

Discussion in 'Online Casinos' started by dunover, Jan 6, 2018.

    Jan 6, 2018
  1. dunover

    dunover Unofficial T&C's Editor CAG PABnononaccred PABnonaccred mm3 webmeister

    Occupation:
    International Money Launderer
    Location:
    the bus shelter, opposite GCHQ Benhall
    Yes, the UKGC have instructed their licensees to tighten up on their anti money laundering measures with 17 deemed to be underperforming.

    You must register/login in order to see the link.
     
  2. Jan 6, 2018
  3. Buffalo Bill

    Buffalo Bill Newbie member

    Occupation:
    coachbuilder
    Location:
    uk
    I personally do not see the link between money laundering and problem gambling, sounds like another witch hunt to me.
     
  4. Jan 6, 2018
  5. interlog

    interlog Senior Member MM webmeister

    Occupation:
    Manager
    Location:
    London
    I don't think the article is linking them and neither are the UKGC. They are working on both.
     
    bebo67 and dunover like this.
  6. Jan 6, 2018
  7. Buffalo Bill

    Buffalo Bill Newbie member

    Occupation:
    coachbuilder
    Location:
    uk
    Yes i see that, i just dont understand how in the example of the accountant in the article that it is wholly the casinos fault.
     
  8. Jan 6, 2018
  9. Harry_BKK

    Harry_BKK Senior Member CAG mm1

    Occupation:
    job is OK
    Location:
    Balcony
    I agree with the UKGC on this one - especially detecting problem gamblers.

    In my heydays late 1990's and early 2000's I would often lose 5 - 10K in a day and nobody ever questioned me as to where those funds were coming from, nor was I ever asked for KYC documents. But then, back then we were online at phone line speed, uploading documents with 2 - 3MB would take ages. Although, I think nobody bothered at the time.
     
  10. Jan 6, 2018
  11. Harry_BKK

    Harry_BKK Senior Member CAG mm1

    Occupation:
    job is OK
    Location:
    Balcony
    Casinos should have red flags blaring if somebody often deposits and loses thousands and should do their due diligence to see whether the funds are from legitimate sources and the player can actually afford it.
     
  12. Jan 6, 2018
  13. dunover

    dunover Unofficial T&C's Editor CAG PABnononaccred PABnonaccred mm3 webmeister

    Occupation:
    International Money Launderer
    Location:
    the bus shelter, opposite GCHQ Benhall
    They already do this under UKGC conditions with the 'Statement Of Wealth' request.
     
    Harry_BKK likes this.
  14. Jan 6, 2018
  15. nikantw

    nikantw Ueber Meister MM PABaccred

    Occupation:
    physics teacher
    Location:
    EU
    I see a mandatory annual deposit limit of 5% of our annual income (as stated in our tax report) coming around the corner.
    But is that something we want?
     
  16. Jan 6, 2018
  17. interlog

    interlog Senior Member MM webmeister

    Occupation:
    Manager
    Location:
    London
    So if you were to win, you can't redeposit those winnings?

    Unneeded Government interference if you ask me.
     
    Jasminebed and Mouche12 like this.
  18. Jan 6, 2018
  19. colinsunderland

    colinsunderland Experienced Member MM webmeister

    Occupation:
    affiliate
    Location:
    uk
    That would never come in. Enforceability would be impossible for starters
     
    bebo67 and ed skull murphy like this.
  20. Jan 6, 2018
  21. goatwack

    goatwack lethargic ecdysiast CAG

    Occupation:
    Turns Tricks
    Location:
    Londonia
    Sure, casinos can always try and do more to spot problem gamblers, but to lump it together with money-laundering is nonsensical. Typical to just bung it all together into one basket, easier that way. You'd think ML figures through online gambling are minute.

    And who's to say some gamblers don't just like blowing off steam and spending big amounts? Perhaps they've earnt their money and their right to fritter loads away? So that automatically marks them as a problem gambler does it, whilst having to disclose their source of income? Casinos are going to close ranks over this and get evermore panicky, what a great step forward for the industry (not) :cool:
     
    bebo67, Mouche12 and interlog like this.
  22. Jan 7, 2018
  23. ed skull murphy

    ed skull murphy Full Member

    Occupation:
    N/A
    Location:
    Albion
    In the UK, we are not obliged to make an income tax report, or even pay income tax, unless we run a commercial enterprise, as the country runs on local community taxation, 'council tax'.

    In the case of online gambling, they may decide to make the 'Source of Wealth' request more legally binding and begin demanding solid evidence of the source of wealth, at the moment it is pretty much reliant on good faith.
     
  24. Jan 7, 2018
  25. Arch Stanton

    Arch Stanton Newbie member

    Location:
    UK
    If you read the full GC statement they state that they expect all online firms to run AML checks on every transaction of £2k or more, which is an EU directive apparently. But of course the online firms do not comply with this.

    And AML does have a link with Responsible Gambling intervention. Anyone can open a new account with just about any on line firm and immediately start depositing thousands and it will not raise an intervention unless you happen to win and especially if you want to withdraw any of it. Then they miraculously do the checks as they should have if following the letter of the law.

    Personally I've provided the GC with compelling evidence of failures in both RG intervention and AML. No doubt they added it to their ever growing pile of evidence from other complaints by online users.

    But whilst the GC are talking tough again, it's actions that count and they often hide behind their lack of powers. Ladbroke Coral sought specific green lights from the GC when they merged Coral, Ladbrokes and Betdaq in order to avoid having to honour existing or future self exclusion terms for their customers between all 3 brands even though there exists a reciprocal SE policy between Ladbroke and Betdaq. They actively wanted to avoid any duty of care to existing SE customers and consequently seem happy to have a customer SE'd with say Ladbroke (and hence Betdaq) gamble freely on the Coral site. Utterly ridiculous and a clear indication that the big boys of online gambling do not want anything like an all in one SE register.

    And the GC seem happy for them to stick two fingers up to it too (and them).
     
  26. Jan 8, 2018
  27. bebo67

    bebo67 Senior Member PABnonaccred

    Occupation:
    Im on Google and write. Thats all you need to know
    Location:
    Ontario Canada
    I started in 2004? I had to fax all my stuff in. I like these uploads now. lol. Times a changing!
     
    Harry_BKK likes this.
  28. Jan 8, 2018
  29. bebo67

    bebo67 Senior Member PABnonaccred

    Occupation:
    Im on Google and write. Thats all you need to know
    Location:
    Ontario Canada
    You forgot to add " if they withdrawl".
     

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