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Bookies money laundering controls.

Tout Seul

Tout Seul

Senior Jockey
Joined
May 2, 2003
Messages
2,628
At least one major bookmaker has greatly increased its controls on money laundering and problem gambling controls. I won't name at this point because I am considering taking it further.

At the weekend i placed a low 3-figure sum in my account in order to be able to quickly access competitive offers on racing at Longchamp if they appeared. I've had the account for around 25 years
At one point on Sunday I went to take a price on a Longchamp runner and the account showed no funds. Fortunately the proposed bet was a loser. On checking on Monday I was told that my account had been suspended and the balance had been put on hold until I had completed full identity checks and evidence of sufficient funds to not be having a problem.

The requirements were incredible, copy of all info pages of Passport, copy of both sides of debit card, copy of tax return and more.I asked to close the account and for the money to be returned to my bank account. They would not return the money to the bank. Frustrated I asked them to send the money to the Injured Jockeys Fund. No way.
 
That's just nuts.

So, the only way for you to get the cash back is to go through the validation process (successfully)? By the sound of it.

I guess if one is ramping it up, others might follow. Maybe they are all receiving some pressure, and this is the first one to cave.
 
The gambling controls are worrying but you should be able to withdraw your money if they refuse to let you bet with it, without providing the requested information.

They have zero grounds for suspecting money laundering if you’ve deposited from a UK bank account. Unfortunately we seem to have no backing in these matters.

A few years ago I drunkenly added a zero to a deposit I made with a bookie that I’ve never used since and they simply would not let me withdraw it. I had to gamble it through first. Shocking times.
 
It’s getting to be a real nightmare. What about this that came to me when I attempted to close an account :D


As your Account Manager for the Company, I am dealing with your withdrawal.

I have been checking the situation and we would be needing before the refund is processed the following documentation.

A bank statement with the following requirements: this will not be older than 6 months, will have to have the full name and address, will have no covered details, and all edges of the document must be visible.

We would also be needing the Risk Assessment questionnaire to be fulfilled by you and for the closing confirmation, we need a selfie picture of you holding your ID card with the written confirmation for closing.
 
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chaumi said:
That's just nuts.

So, the only way for you to get the cash back is to go through the validation process (successfully)? By the sound of it.

I guess if one is ramping it up, others might follow. Maybe they are all receiving some pressure, and this is the first one to cave.
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Didn't Entain face a sizeable fine recently for not checking for money laundering?
 
reet hard said:
Didn't Entain face a sizeable fine recently for not checking for money laundering?
Click to expand...

Ah, that's a good point. There has been a spate of reports of fines recently (not just sports betting, casino gaming etc too). That may have got those who were not worrying too much into a bit of a state.

Plus (I think) several operators may fall under the same parent company or companies. Maybe it's filtering down.
 
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I have to take yearly anti money laundering courses and being a long standing customer with a regular transaction pattern with funds coming from a (money laundering regulated) UK bank account should be of no concern to a bookmaker.

If they want to prevent you from gambling with those funds, in this unfortunate climate then that’s up to them but it is utterly wrong for them to make you jump through hoops to subsequently withdraw it. Especially when they’re not applying those checks when you deposit it.
 
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Yes, I had a problem a few years ago with 888 about withdrawing money from my account after a biggish win.

They wanted all sorts of ID stuff, stuff they'd never asked for when I'd opened the account. My problem was I didn't have the technical hardware or knowhow to jump through the hoops they were presenting me with.

Eventually, thanks to someone on here (either GH or simmo, from memory) I got in touch with the CEO and they finally relented and withdrew the money into my bank account. That zeroed my account and I haven't bet with them since.
 
So did I, desert. What I can never understand is why money cannot just be paid to one’s bank account so long as it’s the same account that sent them money in the first place. After all, you can’t play ducks and drakes with your bank account can you. Can’t help thinking it’s all a scheme to let them keep hold of the money for as long as they can.
 
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wilsonl said:
I have to take yearly anti money laundering courses and being a long standing customer with a regular transaction pattern with funds coming from a (money laundering regulated) UK bank account should be of no concern to a bookmaker.

If they want to prevent you from gambling with those funds, in this unfortunate climate then that’s up to them but it is utterly wrong for them to make you jump through hoops to subsequently withdraw it. Especially when they’re not applying those checks when you deposit it.
Click to expand...

Yes the taking of money and only asking for proof of I.D when you try to withdraw is a particularly sly and disingenious practice that has wound me up for a long time.

And it's because of these type of practices, (and not just problem gamblers), that the U.K government and parliament are constantly having to debate regulation of the bookmaking industry.

Most firms just cannot be trusted, and that's just for the sports betting side of things.

I used to like having a flutter in online casinos on popular games like roulette.

Until I found out RTP's (return to player) should have been between 96-99 percent but some clever dick at Bet 365 had been using RTP's of 86 percent on me.

It's no wonder I went on a very long dry spell of not winning a penny.

After researching it, even in the so called wild wild west, The U.S.A, casinos are regulated at 95 or 96 percent RTP.

Over here we have a situation where bookmakers aren't even regulated in this scenario. Bet 365 were doing percentages of just 86 percent, and when challenged by me to explain why, just said 'we reserve the right to do so'.

I only hope when the gambling review is finally published they have addressed this. It's important as if you and others are playing against a rigged casino then that increases problem gambling in the long run, due to people chasing their losses more etc.

It has a detrimental affect on the person using their casino, for obvious reasons.

No amount of free bets can off set this.
 
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Agreed, I’ve just returned from a fortnight in Vegas and the house rakes (at the right tables) are far better than over here.

They do however have a 30% tax on winnings over $1,200 at poker, sports betting and things like video poker. Thankfully it doesn’t apply to BJ and also UK residents are exempt but the Yanks don’t have it all their own way.

Anyway, we digress.
 
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I fail to see how the example of depositing too much accidentally and then asking for an immediate withdrawal by the same means could be considered money laundering. Forcing the customer to bet the money seems like the kind of thing that could incur a substantial fine from the gambling commission if investigated.

I think most of us can see what's going on; bookmakers feel as if they can withhold money under the guise of money laundering concerns and then a certain number of people will just give up rather than jump through the necessary hoops and a small few actually won't want to give any details due to criminality. There should be a law that they can't keep this money for themselves but undoubtedly they are pocketing it at the moment.
 
Unless you actually make your living from gambling I can't understand why anyone would acquiesce to handing over their personal financial info just to place a bet.

Never hold any significant amount (subjective) in any betting account
 

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