Online Gambling Banking Regulations No Deposit
Online Gambling Banking Regulations For Real
Online Gambling Banking Regulations Malta
Online Gambling Banking Regulations Kenya

To run online gambling business, one definitely needs a processing (merchant) account to process clients’ transactions and a bank (current) account to use the revenues from the business at one’s own discretion. While the first account type mentioned is easier to set up, establishing the latter one often becomes a problem, since the majority of banks refuse to open accounts for high-risk businesses.

“You may be asked for the purpose of the account, the business model of the beneficiary, the license and location of your business. Banks may decline anything related to gambling.”

8 A SAR is required if a casino knows, suspects, or has reason to suspect that the transaction (or a pattern of transactions of which the transaction is a part) is intended or conducted as part of a plan to violate or evade any Federal law or regulation or to avoid any transaction reporting requirement under Federal law or regulation.

Lucas J., had an experience with opening accounts for gambling

Online Gambling. First of all, as with almost any state in the USA, if there’s no specific ruling naming online gambling as illegal, such activity would still likely be deemed illegal under broader legislation. In the case of Virginia any such wagering would surely be considered illegal and a class 3 misdemeanor, since it would involve.
For more information on gambling laws and the history of regulations checkout our informative guide on US Gambling Laws. However this all changed in 2006 when US banking institutions immediately blocked these types of payments and this instantly made it very difficult for players and gamblers to send money to gambling sites.
Therefore, gambling laws can differ greatly between states. Active Federal Laws And Regulations In The United States That Affect Online Gambling. The United States maintains several significant federal gambling laws that greatly affect how gambling is regulated and permitted throughout the nation.

What are High-Risk accounts?

High-risk accounts usually are necessary for the number of industries with a high probability of fraud or chargebacks. Unfortunately, e-gambling is one of those industries and burgeoning entrepreneurs trying to open a high-risk bank account often experience rejection and eventually feel defeated.

In order to open a gambling account, the operator needs to contact dozens of banks to compare the terms and rates. Such an intense research work is also needed as the regulations differ depending on the bank: one may consider your company “high-risk” and the other may not have any problems with the gambling provider.

This is why it is a great advantage to build strong longterm cooperation with banks that agree to cooperate with gambling businesses, and obtain the lists of these banks timely.

We can do all the job for you.

How to open EU bank account?

When it comes to running a successful and legal e-gambling business, an operator should always be ready to create a bank account. Usually, having a bank account in a specific country is one of the gambling license requirements. But for many jurisdictions EU bank account works as well.

However, considering the fact online gambling is a high-risk industry even EU residents may experience some issues contacting the banks (for non-EU residents it’s even trickier). That’s why it might be a good idea to hire a team that will take care of the official red tape and will help you open EU bank account.

Here is why GamingLicensing can be your best partner:

we cooperate with all the EU banks that open accounts to gambling companies;
we cooperate with numerous non-EU banks that open accounts to gambling companies;
we constantly refresh our list of partner banks by adding gambling-friendly ones and removing unreliable or those having ceased working with gambling businesses;
we care about the speed of opening accounts and the quality of their maintenance. For this purpose, we assist in filling in and submitting all the necessary banking documentation and overseeing if bank clerks provide the services timely and efficiently.

GamingLicensing has been providing this service for several years. Our clients run their businesses successfully, using advantages of setting up accounts with our assistance.

Among the features there are the following ones:

Swift Code & Account number
Credit card settlements, E-Wallet settlements, convenience in paying your employees
Reliability of EU-based banks
Multi-currency
Expertise in managing exactly gambling businesses’ accounts
Internet Banking
Business Card linked to account
Acceptance of Merchant Services facilities
Fast payments

Note! We are working with licensed companies. We do not provide the service to unlicensed companies or companies licensed under unreputable jurisdictions.

Choose a convenient banking solution and let us help you every step of the way!

To open a bank account, contact us using the form below:

FIN-2007-G005

Frequently Asked Questions Casino Recordkeeping, Reporting, and Compliance Program Requirements

Purpose

This document provides guidance interpreting the requirements of the Bank Secrecy Act ('BSA') regulations¹ as they apply to the casino and card club industries in the United States.

Section A: 31 C.F.R. § 103.11 Casino and Card Club Definitions²

Question 1: What gaming institutions are subject to the BSA casino regulatory requirements?

Answer 1: A casino or a card club that is duly licensed or authorized to do business as such, and has gross annual gaming revenue in excess of $1 million, is a 'financial institution' under the BSA. The definition applies to both land-based and riverboat operations licensed or authorized under the laws of a state, territory,³ or tribal jurisdiction, or under the Indian Gaming Regulatory Act.⁴ Tribal gaming establishments that offer slot machines, video lottery terminals, or table games,⁵ and that have gross annual gaming revenue in excess of $1 million are covered by the definitions. Card clubs generally are subject to the same rules as casinos, unless a different treatment for card clubs is explicitly stated in 31 C.F.R. Part 103.

Question 2: Is a tribal gaming establishment that offers only bingo and related games considered a casino for purposes of the BSA?

Answer 2: No. FinCEN has the authority under the BSA to define as 'casinos' tribal gaming establishments that offer only bingo and related games. Nevertheless, in addressing the treatment of tribal gaming under the BSA, we have indicated that 'activities such as bingo . . . are not generally offered in casino-like settings and may create different problems for law enforcement, tax compliance, and anti-money laundering programs than do full-scale casino operations.'⁶ FinCEN does not view tribal gaming establishments that offer only traditional bingo (i.e., not contained in electronic gaming devices) and related games in non-casino settings as satisfying the definition of 'casino' for purposes of the BSA.

However, a tribal gaming establishment that offers both bingo and slot machines or table games, for example, would satisfy the definition of 'casino,' if gross annual gaming revenue exceeds $1 million. All gaming activity must go into the calculation of gross annual gaming revenue, including activity that standing alone would not transform an establishment into a casino. This is the same treatment that FinCEN applies to a state-licensed casino that offers poker (which is a non-house banked game) since poker and a poker room are an integral part of a casino operation.⁷

Question 3: Is a 'racino' considered a gaming institution subject to the BSA?

Answer 3: The term 'racino' has not been separately defined nor included specifically in the definition of casino for purposes of the BSA. In general, the term refers to horse racetracks that may be authorized under state law to engage in or offer a variety of collateral gaming operations, including slot machines, video lottery terminals, video poker or card clubs. FinCEN relies on the state, territory or tribal characte

Online Gambling Banking Regulations