Anti-Money Laundering Systems at Betting Sites

April 9, 2018 April 9, 2018 Amanda Rothman
Money Laundering at Betting Sites

One aspect of being a licensed and regulated betting site that you do ensure you have to adhere to are the many anti money laundering laws and regulations surrounding the day to day operation of such sites.

Making high valued deposits into a betting site, placing a few small valued bets and then withdrawing those deposits is something that will often raise a red flag with operators of such sites, for that is a classic sign of money laundering.

Over in the UK for example the UK Government and UK Gambling Commission have become concerned that the fixed odds betting terminals found in every single betting shop across the UK can be used for money laundering, and as such new regulations have been devised to negate the possibility of those gambling machines being used to launder money.

If you are thinking of gambling online, then be aware that you are often going to be required to go through a know your customer type of identification verification when signing up to such a site.

Many people who use such sites for the very first-time thing a betting site is only asking for copies of their passports, driving licenses and a recent utility bill to drag out any withdrawals they have made, but the real reason those sites do that is to ensure their customers are who they say they are, and are not engaging in money laundering.

Deposit into a Casino in a Fiat Currency Withdraw in Bitcoin

For those of you looking to make deposits into a casino site, using one of the more standard fiat currencies and deposit methods, but then wish to withdraw using Bitcoin be aware that is something you are going to be able to do.

Many casino sites have now listed several of the most popular cryptocurrencies on their banking interfaces, and as such you should have no problems when it comes to withdrawing your winnings.

There is however often going to be the requirement that you get your casino account verified, when depositing via one method and then withdrawing using Bitcoin, and the reason for that is to stop fraud and money laundering.

As such whilst you will not be able to play anonymously, which some casino sites will let you do when you only using a Bitcoin to deposit and withdraw, you can often find that by getting your casino account verified you will have your deposit and withdrawal limits raised.

The way you get your accounts verified is by sending into the casino sites copies of identification documents which will include things such as your passport or driving licensed and sending in a utility bill that is dated within the last twelve weeks.

Value of Withdrawals Made at Betting Sites

It will however be the spot rate of the cryptocurrency you choose to withdraw by that is going to be the one used to send you out your winnings, but as such withdrawals are often made almost instantly more and more players are opting to use that form of payment method to receive their winnings, as their withdrawals will not sit in a pending state for days or weeks!

You may of course be interested in depositing using a fiat currency and withdrawing in Bitcoin, and that is something quite a few casino sites are also going to allow you to do, but only once you have become a regular player at such sites.

There is also the need for all gambling sites to ensure they are not simply being used by their customers as a money laundering service, and as such make sure that you abide by all the rules associated with using any gambling sites, for there are going to be all manner of different terms and conditions in place at such sites.

But at the end of the day, if you do carefully pick out the casino sites you sign up to and play at, and ensure those sites have a solid track record for paying out their winning customers on time, and have provably fair casino games you will not go far wrong.

For the best online casinos at which to play at and ones that will always pay you out quickly when you win, make a point of playing only at our featured casinos that are showcased throughout this website, as each of those sites are highly respected and ones that you and always trust too!

About The Author

Amanda Rothman
Amanda Rothman is our games of skill and bingo expert, and nothing tends to escape the notice of her when she is testing out new games, and ensuring they comply with all known gambling laws.

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