pinnacle source of wealth

**Brooklyn Dick** · 07-11-20, 06:06 AM

Better yet I would like to see the source of Pinnacle's wealth.

**Alfie White** · 07-11-20, 08:01 AM

Originally posted by winner9

Hello community,

I wanted to ask about source of wealth document, requested by pinnacle.
Did someone sent to them some kind of bank deposit?
Sent it before 2 days, but no reply from this day.

I will be glad to hear, if someone has experiences with this document.

Take care all and good luck with your bets!

It can be that you have deposited substantial amount with them and they are now requesting you to "back up" that you "can afford" to gamble with that amount. That is standard KYC procedure; you can send them any proof that would confirm you have substantial amount of funds on you.

**Optional** · 07-11-20, 10:40 AM

I haven't heard of Pinny asking this very often.

What country are you in? That may have something to do with it.

**winner9** · 07-11-20, 11:03 AM

Originally posted by Optional

I haven't heard of Pinny asking this very often.

What country are you in? That may have something to do with it.

Bulgaria @Optional ,

Yes, in last time i deposited high amount at pinnacle and lost it, anyway will update the thread if they accept my bank deposit etc.

**Optional** · 07-11-20, 12:58 PM

Oh sorry Winner. I already knew that of course. I doubt that is the problem.

does "bank deposit" mean a copy of your statement showing all transactions at your bank?

**winner9** · 07-11-20, 02:16 PM

Originally posted by Optional

Oh sorry Winner. I already knew that of course. I doubt that is the problem.

does "bank deposit" mean a copy of your statement showing all transactions at your bank?

Nope,
i mean bank deposit with interest by bank

**winner9** · 07-11-20, 02:35 PM

Well, declined and requested bank statement with last 3 months
Problem is, there isn't some win at my bank accounts in last 3 months

**Alfie White** · 07-11-20, 02:53 PM

You must present them where the funds for the deposit came from, they will not rest until they know that one.

**winner9** · 07-11-20, 03:55 PM

Well,
Sent 7 screenshots from neteller

Sent 3 bank statements for last 3 months
Let's see what they will tell by this rejection

**Gmariano** · 07-11-20, 05:18 PM

Same problem, but with Betfair
The problem is that I can't contact they support, someone know if they accept trading history from forex trades?

**Ruifgalmeida** · 07-11-20, 05:24 PM

That looks something that Betfair would do because of regulation, never ever seen Pinnacle do that, I actually think that this is unfair, my source of income is none of their business, which goes against their model of don't asking questions to someone who wants to bet

**Krashman** · 07-11-20, 06:48 PM

Pinnacle must suspect money laundering, since they are ok with arbing.

**winner9** · 07-12-20, 03:09 AM

This is indeed strange that pinnacle is asking source of wealth but however, everything has been provided what they wished, so I hope they will verify it finally and I will be able to withdraw funds.

Gonna keep informed the thread

**winner9** · 07-12-20, 05:36 AM

Got an email from them.
Account has been verified.
So bank statement and neteller transactions are enough for future guys who will be asked, it seems

**Vyasports** · 07-12-20, 07:20 AM

Originally posted by winner9

Bulgaria @Optional ,

Yes, in last time i deposited high amount at pinnacle and lost it, anyway will update the thread if they accept my bank deposit etc.

can you elaborate on the amount? Ive never heard pinny asking these questions before...
and can you tell us when did they asked you exactly...did u win big or made big withdrawal? or just high amount depo

**winner9** · 07-12-20, 07:31 AM

Originally posted by Vyasports

can you elaborate on the amount? Ive never heard pinny asking these questions before...
and can you tell us when did they asked you exactly...did u win big or made big withdrawal? or just high amount depo

the last deposit was ca. 10k eur via neteller
in last time i couldn't withdraw some funds, so i guess it's only about the deposit which was maden

**Optional** · 07-12-20, 04:55 PM

Originally posted by winner9

Got an email from them.
Account has been verified.
So bank statement and neteller transactions are enough for future guys who will be asked, it seems

Great news.

Would love to know what triggered the questions.

I "know" that you are a genuine sharp bettor and I would doubt you tried to do anything wrong by Pinny.

**Alfie White** · 07-13-20, 12:52 AM

He just deposited too much in short span of time, must be that.

Glad you worked it out!

**Camma23** · 07-13-20, 05:01 AM

Originally posted by Optional

Great news.

Would love to know what triggered the questions.

I "know" that you are a genuine sharp bettor and I would doubt you tried to do anything wrong by Pinny.

Imo simply the amount

**Optional** · 07-13-20, 01:05 PM

I'd guess he has deposited similar amounts before.

**Choi The Gamer** · 10-30-20, 01:22 AM

Originally posted by Alfie White

It can be that you have deposited substantial amount with them and they are now requesting you to "back up" that you "can afford" to gamble with that amount. That is standard KYC procedure; you can send them any proof that would confirm you have substantial amount of funds on you.

Are you saying they would like to know that you are effectively gambling with 5% of your Net worth as opposed to 80%?

Are you sure these types of questions are not connected to having to comply with local governments efforts to prevent money laundering/tax evasion on a global scale?

**Alfie White** · 10-30-20, 03:17 AM

I am saying that they are obliged to understand where the betting funds are coming from and they (and every other licensed bookmaker) can request this at their sole discretion. Take a look what happened to Matchbook early this year when they have had their license suspended due to bad KYC/AML practice.

Second part of your question is somewhat confusing and it is not that simple to answer that - nobody can be sure.

**Sawyer** · 10-31-20, 03:44 AM

This is the new sh*t; the source of wealth. Source is my a**. Maybe i'm a drug dealer, maybe i'm selling women, who cares? Just take the f*kking money and shut up. F*kking bookmakers.

**RedApples** · 10-31-20, 08:58 AM

I don't understand this source of wealth thing. What are they trying to figure out? I could understand if they needed to see that you were solvent enough to be placing such high bets, and thus disallowing you to play, much like the case with Pokerstars and FullTilt when you needed to be given special privs to play the nosebleed games there- both for integrity of game reasons but mostly for solvency reasons, and this is likewise similar in other markets.

But aside from that, what gives? I'm with the other posters. Unless they are requesting and there is a law that you must be compliant with state and federal laws, no back taxes, or something of the like- what are they looking for? So I'm a drug dealer (I'm not) and I got tons of bitcoin sent to me for selling weed. No paper trail. You can keep my money? You are supposed to report me to the government?

Do. Not. Understand. Don't @ me with 'they are allowed to ask for this' and 'this is the rule'. Show me a case where a book got in trouble for not asking for source of income because funds came from a source that was not allowed or unsupported and why that was wrong to do so. Or explain how any of it actually makes sense.

**Optional** · 10-31-20, 09:49 AM

Originally posted by RedApples

I don't understand this source of wealth thing. What are they trying to figure out?

If you are using the proceeds of crime mostly.

**RedApples** · 10-31-20, 10:41 AM

Originally posted by Optional

If you are using the proceeds of crime mostly.

....

Originally posted by RedApples

Show me a case where a book got in trouble for not asking for source of income because funds came from a source that was not allowed or unsupported and why that was wrong to do so. Or explain how any of it actually makes sense.

Also Optional, waiting to hear your response in the other thread regarding how you got to 3 mil active users. I am genuinely confused.

**Alfie White** · 10-31-20, 10:49 AM

UK regulator offers reasons for suspending Matchbook license - CalvinAyre.com

https://calvinayre.com/2020/04/08/business/uk-gambling-regulator-reasons-matchbook-license-suspension/

The UK Gambling Commission publishes reasons for its February 17th suspension of the license of Matchbook parent Triplebet Ltd.

Matchbook got their license suspended and next year everything will be even tighter due to changes in legislations all over the place. So acting like sawyer will get you nowhere.

**Optional** · 10-31-20, 10:59 AM

Originally posted by RedApples

Show me a case

Apr 2 2020 - The Gambling Commission has ordered casino company Caesars Entertainment to pay a record £13 million penalty for failures regarding social responsibility and money laundering

https://www.racingpost.com/news/caesars-entertainment-fined-record-13-million-by-gambling-commission/430677

**RedApples** · 10-31-20, 11:18 AM

Originally posted by Optional

Apr 2 2020 - The Gambling Commission has ordered casino company Caesars Entertainment to pay a record £13 million penalty for failures regarding social responsibility and money laundering

https://www.racingpost.com/news/caes...mission/430677

Still didn't answer my question but I did find an answer to my question in the details within the article so TY. The one quote below directly answers my question. The rest is all ......................

So money laundering that wouldn't have otherwise been caught if for not asking for source of income, and checks on a politically exposed person. So they are trying to combat against all types of crime and thus will need to report it to the government. As was my question 2 posts back.

Sucks to be gambling in the UK. Granted if you're doing illegal stuff you should be vetted out and caught, but this seems like a massive overreach after the fact.

'Money-laundering failures included not checking source of funds for a customer who deposited £3.5m and lost £1.6m in three months. Another politically exposed person lost £795,000 in just over a year.'

**Optional** · 10-31-20, 11:41 AM

I think a bookmaker being required to ask for such personal information is a bad system too.

I think the UK model of how bookmakers have to address AML issues is very bad for players in general.

But given Pinnacle have already tried to get a UK license once and are thought to plan another attempt, they have little choice but to follow the protocols.

Every license issuer in the world requires their books to follow AML procedures btw. It's only offshore that hadn't been infected by this.

**cashin81** · 10-31-20, 03:07 PM

This was on TV here, dude stole money to bet. Then he was asking Ladbrokes to pay it back as it was stolen..

Ladbrokes under fire for VIP gambling with stolen funds | Betting Planet

https://bettingplanet.com/ladbrokes-under-fire-for-vip-gambling-with-stolen-funds/

**cashin81** · 10-31-20, 03:09 PM

People here used to go to casinos change thousands in cash and ask for cheque without really playing anything.
or dump thousands into the roulette machines and cash out into card

**Choi The Gamer** · 11-01-20, 01:07 AM

Originally posted by Sawyer

This is the new sh*t; the source of wealth. Source is my a**. Maybe i'm a drug dealer, maybe i'm selling women, who cares? Just take the f*kking money and shut up. F*kking bookmakers.

It seems like those good old days are over. Today no drug dealers are allowed into reputable gambling establishments lol

**jazzmonkey** · 01-12-21, 10:44 AM

Had this, assume triggered by net positive deposits.