This is a discussion on Player to player fund transfer is like money laundering on poker rooms? within the online poker forums, in the Poker Rooms section; Hi Pals
I am a verified player on a poker sitr. I had never done a P2P transfer till yesterday but today I did transfer
Player to player fund transfer is like money laundering on poker rooms?
I am a verified player on a poker sitr. I had never done a P2P transfer till yesterday but today I did transfer $100 from my poker account to a player"s poker account and got money in my local currency into my bank for that transfer.
Practically this transfer saves our time and gives us better exchange rate but it is also a type of money laundering.
For example I made that $100 via freerolls and betting in less than a week and I sold it to some other player in exchange of real money here in my bank account.
If I withdraw via Neteller than I am going to pay $8 transfer fees plus bad exchange rates and it takes around 3 days to complete it.
The above P2P transfer saved my time and money but money laundering is an open issue.
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It is only money laundering if the original funds were illegally obtained and you you were trying to "clean" the money to use it.
"the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses."
November 25th, 2019, 1:22 PM
Join Date: Jun 2019
Poker at: 888 Poker
I also dont think, this is "money laundering", but at the same time it seem like, my country has prohibited player to player transfers on poker sites, so obviously there are some concerns surrounding this issue.
It seem like, this prevent me from opting in to SharkScope for my PokerStars account. Which is a little bit annoying, since I would actually like to see my own historic results from that site