Tighter banking in Florida

**jetset** · 12th February 2007, 07:06 PM

FLORIDA BANKS TO MONITOR I-GAMBLING

Even small international wire transfers to be scrutinised

The Orlando Business Journal reports that federal authorities have asked Florida banks to pay attention to all Internet gambling and small international wire transfers in an attempt to cut down on alleged money laundering.

According to the report, Internet gambling and even the smallest international wire transfers are about to make the list of transactions Central Florida banks will monitor under anti-money laundering laws.

Regulators plan to add the first of the new requirements this year and will add the second by early 2008, says Clemente Vazquez-Bello, a partner in the Miami office of law firm Gunster, Yoakley & Stewart.

**Professor** · 12th February 2007, 08:09 PM

Oh Gee thanks... Our taxes and property insurance rates have gone through the roof and now this! The Carolinas or Georgia are looking better every day.

**Professor** · 12th February 2007, 08:29 PM

Jetset was it the Orlando Business Journal reporting this? When was the report? I wanted to read more and have combed the site here and cant find it:

http://www.bizjournals.com/orlando/latestnews.html

**jetset** · 12th February 2007, 09:57 PM

Last Friday, I believe but I can't be sure - we're processing quite a lot of stuff and this has already gone through our system and been deleted. As a last resort you could try the legal guy mentioned in the report, Prof.

Clemente Vazquez-Bello, a partner in the Miami office of law firm Gunster, Yoakley & Stewart.

**Mousey** · 12th February 2007, 10:35 PM

Originally Posted by jetset

FLORIDA BANKS TO MONITOR I-GAMBLING

Even small international wire transfers to be scrutinised

The Orlando Business Journal reports that federal authorities have asked Florida banks to pay attention to all Internet gambling and small international wire transfers in an attempt to cut down on alleged money laundering.

According to the report, Internet gambling and even the smallest international wire transfers are about to make the list of transactions Central Florida banks will monitor under anti-money laundering laws.
"
Regulators plan to add the first of the new requirements this year and will add the second by early 2008, says Clemente Vazquez-Bello, a partner in the Miami office of law firm Gunster, Yoakley & Stewart.

I find all this rather sinister. The UIGEA in infancy...

"federal authorities have asked Florida banks to pay attention to all Internet gambling" : ok... then do what? turn the citizen over to the Feds? note the sender/receiver of said transaction for future blackmail/extortion (i/e: the NETeller founders)?

"Internet gambling and even the smallest international wire transfers are about to make the list of transactions Central Florida banks will monitor under anti-money laundering laws" : yes? they 'monitor' transactions and then what? How do they know what is for gambling and what isn't? I guess they didn't want to spook 'ordinary' citizens by letting them know that the bank is going to be keeping a watchful eye on ALL transactions. Oh... and... just what anti-money laundering law is this? Anything we buy or purchase outside of the U.S. is laundering money?

**clj7221** · 13th February 2007, 08:53 PM

Many people from Florida have been moving to the Carolinas. I agree Carolina is sounding better every day..

Originally Posted by Professor

Oh Gee thanks... Our taxes and property insurance rates have gone through the roof and now this! The Carolinas or Georgia are looking better every day.

**winbig** · 13th February 2007, 09:06 PM

Originally Posted by clj7221

Many people from Florida have been moving to the Carolinas. I agree Carolina is sounding better every day..

Just curious, how is Carolina better?

**Mousey** · 13th February 2007, 09:24 PM

Am I wrong in assuming that if Florida banks have been put on 'alert' for gaming transactions, that other banks in other states have also received the same notice from the Feds?

**Professor** · 13th February 2007, 11:50 PM

Well, the hurricanes that hit us a few years back caused our homeowners insurance rates to sky rocket. I pay over $11K per year in insurance on our two homes. Property taxes followed suit and I pay an additional $17K per year in those taxes. Guess what... The utilities decided they wanted a few more bucks too and rates went way up. I now pay what I consider an obscene monthly water bill of around $480 dollars! Electric tacks on another $750 - $900 per month. Gas around $120. Then you have to add in housing costs. In my area even a modest 1700 square ft home is over $300K. But those tend to be investors/rental homes. Real houses that us locals actually live in start around $600K, so you get the idea of what it costs to live in the "Sunshine State".

The Carolinas and Georgia are a steal in comparison. Floridians can sell their homes here and buy a home twice the size with much more property and still have a much lower monthly cost to live.