Casinos Warned by FinCEN Director to Report on Crypto Transactions

[wry]

Here's a news story close to all our hearts!  We like crypto and we like casinos (thank you Stake!).

On Monday speaking at a conference in Las Vegas, the director of FinCEN reminded casinos of the need to file suspicious activity reports for crypto transactions.  He noted:

Quote

 

Speaking at an Anti-Money Laundering Conference in Las Vegas on August 13, FinCEN director Kenneth Blanco said the agency has not received the amount of suspicious activity reports (SARs) expected.

“There is a misconception that just because FinCEN has not publicly issued enforcement action against a casino or card club since last year that FinCEN is not looking at this financial sector,” Blanco said. “Let me assure you, this is not the case.”

 

Of course, it does not specify what WAS the level of reporting they were expecting.  It is just remarkable how these people assume the worst about everyone.

I think this fits into the overall pattern of governments fighting against Bitcoin by insinuating that any use of it is intrinsically breaking the law and shows something to hide.

Link:  https://www.coindesk.com/fincen-director-reminds-casinos-of-crypto-compliance-requirements

[wngo123]

i wonder what is 'suspicious activity'. For example someone depositing large amounts of money to online casino then sending it to another user and that user withdraws it? All that without any gambling taking place. That would be suspicious and look like money laundering 

[djonox]

There has been so much money laundering from the casinos that now the casinos are being watched extravagantly by that and there are internal teams working on that as well.

[Enzo]

11 hours ago, wngo123 said:

i wonder what is 'suspicious activity'. For example someone depositing large amounts of money to online casino then sending it to another user and that user withdraws it? All that without any gambling taking place. That would be suspicious and look like money laundering 

That totally is considered money laundering by casinos. If they catch it they will either block your withdrawal until you play, or seize your money. Casinos can get in a lot of trouble regardless of whether they knew about it or not.

I had once deposited a few Eth to a site that used BTC as it's main currency, so when you deposit eth you get satoshi. Decided within a few minutes, without playing, that I did not want to play there, and went to withdraw. That was seen to them as money laundering/coin washing. And they tried to seize my funds. I was able to fight it and get my funds back in Eth but it was a long drawn out process and has to do with AML (Anti Money Laundering) laws.