Me too, friend. To avoid KYC laws at a casino I recommend not gambling significant amounts of money.
I wish I didn’t need a bank account, then I wouldn’t have to deal with it at all.
she/her
I am a feminist and some sort of left anarchist. I like video games, FOSS software, Lord of the Rings, math, and summoning uncountably many demons by digging too deep.
I am not LGBTQ+ but I try to be a good ally. (How’s my driving?)
- 0 Posts
- 4 Comments
Joined 1 year ago
Cake day: July 21st, 2023
You are not logged in. If you use a Fediverse account that is able to follow users, you can follow this user.
Also true, however, there are times you cash out more than you deposit (sometimes people win). Edit: there are thresholds of amount of money you need to start moving around before the casino will pester you for more info, because most people don’t need to bother because they don’t meet those thresholds.
Casinos have to comply with Know Your Customer laws like banks. This is to stop money laundering.
There are great reasons to dislike casinos, this is not one of them. Also, online casinos are probably shady AF, why are you using one?
Only if the deposit is over the threshold for KYC laws. (If the threshold is $X, and you get $X in chips, you will need KYC stuff collected from you).
Otherwise no:
Patron A goes to the table and receives $50 in chips. No information is exchanged. No chips are cashed out at the cashier because Patron A lost it all at blackjack. No KYC.
Patron B goes to the table and receives $50 in chips. He does well at the tables and makes several good bets that means he’s ahead $X dollars. Since he won this in several bets, there is no taxable event, but trying to cash out $X in chips is a currency exchange and means the casino now needs to gather KYC information on him.
Most people (99%) gamble like patron A. Patron B is inconvenienced because of Patron C:
Patron C stuffs $X dollars into a slot machine and cashes out without gambling. Patron C now has $X in slot tickets, which he attempts to exchange at the cashier window. His goal is to claim his $X came from gambling winnings and not wherever it actually came from. The cashier has to collect KYC info on him, and the goal is to make a paper trail so the casino can comply with state/federal law.
Patron C has a lot of other creative things he can try to do to get around these laws (see structuring)
Since most people are going to fall in category A, the casino wants to make the barrier for gambling very very low. They will only ask what is absolutely necessary at the moment. This is why those websites don’t ask for scans of your license or blood-type or whatever when you sign up, because they don’t need to if they’re just taking your $50. I haven’t used a gambling website but if they’re US based they have to follow US law.