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Showing results for tags 'bank roll manger'.
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CasinoCoin Bank Roll Manager 1. Bank roll manager primary purpose is to transfer funds between Gamblers and Casinos with embedded KYC and AML. User opens BRM and does KYC directly in the BRM on their mobile device. Name, DOB, Photo ID, etc. 2. KYC info is sent to Jumio by the BRM where it is Validated and then verification of validation is sent back to BRM. This is all done quickly and securely. 3. Gambler can purchase CSC in BRM using fiat gateway provided by Processors, or transfer CSC to BRM from personal wallet/exchange. 4. Gambler then chooses from list of Casinos in BRM and sends csc to casino. Casino then either uses CSC directly for gambling or converts CSC to whatever is used on their platform at current fiat value. 5. Example: gambler sends $50 worth of CSC and is credited with $50 on casino platform. There is risk of CSC value increase/decrease during transfer times (minimal risk as transfers take seconds) and the fiat credit on casino being slightly more or less than fiat value sent. 6. The KYC validation tag is part of the info sent to the casino with the CSC transfer via the Ledger so Casino does not have to do KYC again. Casino has access to KYC info via Jumio for their records and regulatory compliance. 7. When Gambler is finished winning (hopefully BIG) casino sends CSC back to BRM (if they are using CSC on platform) or converts to CSC at current fiat value and sends to BRM. 8. Gambler can then send CSC to a different casino and gamble or cash out his CSC via a Fiat gateway provided by a Processor in BRM. 9. BRM has user configurable limits for the gambler to self-regulate the amount sent to casinos on a daily, weekly or monthly limit. 10. Gambler benefits by only doing KYC once regardless of how many casinos they visit and the speed/efficiency in which funds can be sent/retrieved from casinos. 11. Casinos benefits: easier KYC validation, greater AML compliance because all of the transfers are registered on the Ledger and are readily available for compliance officers to see as well as being immutable so no fear of data tampering. 12. This increases compliance and decreases/eliminates fines that routinely run in the millions. Regulators are happier because it makes their jobs easier. Written by @jasperlite Source : https://twitter.com/MarkAFillmore/status/1134132859072106498