The banks position on internet gambling bill
The banks position on internet gambling bill
"When you get to checks, and ACH (automated clearing house) transactions, those are something that the industry feels would be extremely difficult, if not impossible to monitor." Laura Fisher of the American Bankers Association told John Caldwell of Poker News. "In terms of checks, there are 40 million checks processed per year. Monitoring those transactions would be an impossible burden for the industry to bear."
A bill that would seek to choke off internet gambling via money transactions was passed through Congress Friday night and awaits President Bush's signature. The bill does not make internet gambling illegal but rather requires financial institutions to police such transactions, and as such, prohibit them.
'We got some language in the bill that looks like it protects the financial services industry,' said Steve Verdier, director of congressional relations for the Independent Community Bankers of America, which represents almost 5,000 banks in the United States. 'It could have been a lot worse.'
In addition, the legislation will be guided and enforced by regulations written by the Federal Reserve and the U.S. Treasury Department.
'If they find that the banks just don't have the technology to track and block these transactions, then we don't have to,' Verdier said. 'The Fed and Treasury are not supposed to ask us to do the impossible.'
eChecks are becoming an increasingly more popular way to make purchases and fund betting accounts online though credit cards remain among the most popular means. Since 2001, many banks have stopped allowing credit card transactions for internet gambling via a "coding" system implemented as part of the Patriot Act.
Still, a number of astute online gambling firms utilize processors located outside the United States.
Companies like Sportingbet expressed concerns that international banking institutions might cave into the pressure of US legislation, which would make operating in the online gaming sector next to impossible.
http://www.pokernews.com/news/2006/1...egislation.htm
"When you get to checks, and ACH (automated clearing house) transactions, those are something that the industry feels would be extremely difficult, if not impossible to monitor." Laura Fisher of the American Bankers Association told John Caldwell of Poker News. "In terms of checks, there are 40 million checks processed per year. Monitoring those transactions would be an impossible burden for the industry to bear."
A bill that would seek to choke off internet gambling via money transactions was passed through Congress Friday night and awaits President Bush's signature. The bill does not make internet gambling illegal but rather requires financial institutions to police such transactions, and as such, prohibit them.
'We got some language in the bill that looks like it protects the financial services industry,' said Steve Verdier, director of congressional relations for the Independent Community Bankers of America, which represents almost 5,000 banks in the United States. 'It could have been a lot worse.'
In addition, the legislation will be guided and enforced by regulations written by the Federal Reserve and the U.S. Treasury Department.
'If they find that the banks just don't have the technology to track and block these transactions, then we don't have to,' Verdier said. 'The Fed and Treasury are not supposed to ask us to do the impossible.'
eChecks are becoming an increasingly more popular way to make purchases and fund betting accounts online though credit cards remain among the most popular means. Since 2001, many banks have stopped allowing credit card transactions for internet gambling via a "coding" system implemented as part of the Patriot Act.
Still, a number of astute online gambling firms utilize processors located outside the United States.
Companies like Sportingbet expressed concerns that international banking institutions might cave into the pressure of US legislation, which would make operating in the online gaming sector next to impossible.
http://www.pokernews.com/news/2006/1...egislation.htm
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