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SiMpLe · 09-03-2010, 10:24 AM

I belong to a financial community board and this is what is being said in regards to this.
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The reason for this move from Visa is most likely because of the new rules enforced by Treasury Department's Financial Crimes Enforcement Network (FinCEN).

New rules has come in place regarding debit pre paid cards, gift cards and reloadable top up cards. The rules, which were mandated by the Credit CARD Act of 2009, require more data collection and reporting from businesses, and some experts say they could make prepaid card buying a challenge for some consumers.

Starting June 28, the public will have 30 days to comment on the rules, which require nonbank prepaid card providers to:

Quote:

File suspicious activity reports (SARs) with the government on suspicious activity of more than $2,000. Suspicious Activities Reports are Treasury Department forms already required of banks, casinos, poker rooms, securities and futures firms and others in the money services business. More than 5.6 million have been filed since they were first mandated in 1996 (see chart). The proposed rule would add nonbank card providers to the ranks of those required to file forms with the government when their suspicions are aroused.
Collect customer information anytime a card is reloaded at someplace other than a bank.
Maintain transaction information.

The rule focuses on the following:

Quote:

Don't have the value clearly labeled on them.
Are reloadable at places other than banks.
Can have a maximum lifetime value of more than $1,000, including reloads.
Can be used anywhere -- especially if they can be used internationally.
Can have the value transferred to another card.
Are purchased in large amounts or seem otherwise suspicious.

Basically this is another terrorists anti-money laundry mumbo jumbo, but for now Epassporte is going to stay closed unless they will be able to comply with the new regulatations that came into force just a bit more than 30 days ago.

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Epassporte functionality that some may not know of:

All money that are kept in Epassporte are NOT, Visa. The two has nothing to do with each other. The gimmicks with Virtual Visa etc. has nothing to do with Visa. All money are at all times kept in the very same bank that Epassporte works together with.

All money are kept in the bank, which Epassporte uses as their intermedia for Visa as they do not directly hold any Visa license.

Epassporte holds an Deposit-taking business license on St. Kitts.

Since the bank that works together with Visa has lost their license, which in turn is due to the new regulations, Epassporte cannot issue new cards before they:

A) Find a new bank

B) Get a direct license from Visa, which they wont as Visa only works directly together with Banks

09-03-2010, 10:24 AM
SiMpLe Confirmed User Join Date: Feb 2002 Location: Porn Central - California Posts: 3,221	I belong to a financial community board and this is what is being said in regards to this. -------------------------------- The reason for this move from Visa is most likely because of the new rules enforced by Treasury Department's Financial Crimes Enforcement Network (FinCEN). New rules has come in place regarding debit pre paid cards, gift cards and reloadable top up cards. The rules, which were mandated by the Credit CARD Act of 2009, require more data collection and reporting from businesses, and some experts say they could make prepaid card buying a challenge for some consumers. Starting June 28, the public will have 30 days to comment on the rules, which require nonbank prepaid card providers to: Quote: File suspicious activity reports (SARs) with the government on suspicious activity of more than $2,000. Suspicious Activities Reports are Treasury Department forms already required of banks, casinos, poker rooms, securities and futures firms and others in the money services business. More than 5.6 million have been filed since they were first mandated in 1996 (see chart). The proposed rule would add nonbank card providers to the ranks of those required to file forms with the government when their suspicions are aroused. Collect customer information anytime a card is reloaded at someplace other than a bank. Maintain transaction information. The rule focuses on the following: Quote: Don't have the value clearly labeled on them. Are reloadable at places other than banks. Can have a maximum lifetime value of more than $1,000, including reloads. Can be used anywhere -- especially if they can be used internationally. Can have the value transferred to another card. Are purchased in large amounts or seem otherwise suspicious. Basically this is another terrorists anti-money laundry mumbo jumbo, but for now Epassporte is going to stay closed unless they will be able to comply with the new regulatations that came into force just a bit more than 30 days ago. -------------------- Epassporte functionality that some may not know of: All money that are kept in Epassporte are NOT, Visa. The two has nothing to do with each other. The gimmicks with Virtual Visa etc. has nothing to do with Visa. All money are at all times kept in the very same bank that Epassporte works together with. All money are kept in the bank, which Epassporte uses as their intermedia for Visa as they do not directly hold any Visa license. Epassporte holds an Deposit-taking business license on St. Kitts. Since the bank that works together with Visa has lost their license, which in turn is due to the new regulations, Epassporte cannot issue new cards before they: A) Find a new bank B) Get a direct license from Visa, which they wont as Visa only works directly together with Banks __________________ Sean Holland Vice President OrbitalPay / Global Electronic Technology (GET) SKYPE: iam.sean ::: sholland at orbitalpay.com 888-775-1500