FLORIDA BANKS TO MONITOR I-GAMBLING

16 February 2007

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.

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