The fight against money laundering

The fight against money laundering is one of the major concerns of financial institutions in the modern world. If you have not yet grasped all the ins and outs of this process, we will explain everything to you. Explain yourselves In its theoretical definition, money laundering is a technique of financial crime. Laundering funds requires a specific 3-step process. These are commonly referred to as pre-washing, mixing, and spinning. In other words, a criminal group will attempt to conceal the origin of their illegally obtained funds, and try to legally reintegrate them into the financial system in order to then profit from this money with impunity. Through this criminal process, let's explore how the fight against money laundering applies to online casino sites.

Strict legislation

Une législation stricte

France, like all other countries in the world, is concerned by the fight against money laundering. These are the fundamental objectives of every government., a special unit has been created for this purpose. It is called TRACFIN, or the Financial Intelligence Unit. Intelligence Processing and Action against Clandestine Financial Circuits .

As a result, a casino website is bound by legal obligations to the government. It must closely monitor the various financial transactions carried out on its site. If the casino, whether online or land-based, suspects fraudulent activity, it is duty-bound to report this information to the government of the player involved and, if necessary, take the necessary actions beforehand.

A now unsuccessful sector

Just a few years ago, some would have claimed that it is still possible to launder money through online casino sites. Today, it must be understood that the world has changed tremendously and the controls have intensified. Fortunately, it has become difficult for these criminal groups to launder funds on our favorite sites. Previously, it would have been sufficient to place a large amount on a color in roulette and the game would have been over. Today, this way of playing is monitored by online casino sites and it is no longer profitable to use these sites.

Vigilant casinos

In order to enforce the various laws to which online casino sites are bound, it will be their duty to ensure the origin of the funds that circulate daily on their sites. It should be understood that financial transactions on this type of site amount to thousands of euros. Therefore, they must examine transactions of uncertain amount and origin. In this case, the online casino site is within its rights to request proof of deposit and possibly an explanation. If this concerns you, you have nothing to worry about. The online casino site is simply enforcing the law.

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