footdr
Banned User: PITA violations of the Forum Rules
- Joined
- Jan 13, 2006
- Location
- cyberspace
reading the transcripts from the most recent meetings between the U.S. Banking Organizations and House/senate committees regarding the Internet Gambling Enforcement Act it became clear that the Banking Industry has repeatedly responded that they will not be able to identify and block ACH transactions as they have no means of identifying whether they are connected to a Gambling transaction.
They have said that in order to do it they would have to revamp the entire electronic funds transfer system at increditable cost. Also, they stated that the additional burden will mean that they will be unable to focus as much attention on identifying MONEY LAUNDERING AND TERRORIST violations that previous new regulations have required them to. They also said that Congress is probably going to pass regulations requiring them to block internet Porn and that the legislation presently being considered in that Bill is not consistant with the banking regulations that Internet Gambling Bill imposes on them. They asked that both bills be combined as one. (GEE THAT WOULD HAVE MADE SENCE,BUT BUSH AND FRIST JUST HAD TO JUMP THE GUN)
Government has assured banks that they will not be prosecuted for inadvertantly letting a transaction go through. So I would suspect that without the technology they will block only obvious transactions and not be doing alot of research on individual transactions.
After reading this it would seem the best way to fund is ACH until such time Federal Reserve issues guidelines.
Also, they said since the bill allows some forms of gambling it is going to be all but impossible to distinquish if the transaction was legal gambling or illegal.
WHAT AT MESS!
They have said that in order to do it they would have to revamp the entire electronic funds transfer system at increditable cost. Also, they stated that the additional burden will mean that they will be unable to focus as much attention on identifying MONEY LAUNDERING AND TERRORIST violations that previous new regulations have required them to. They also said that Congress is probably going to pass regulations requiring them to block internet Porn and that the legislation presently being considered in that Bill is not consistant with the banking regulations that Internet Gambling Bill imposes on them. They asked that both bills be combined as one. (GEE THAT WOULD HAVE MADE SENCE,BUT BUSH AND FRIST JUST HAD TO JUMP THE GUN)
Government has assured banks that they will not be prosecuted for inadvertantly letting a transaction go through. So I would suspect that without the technology they will block only obvious transactions and not be doing alot of research on individual transactions.
After reading this it would seem the best way to fund is ACH until such time Federal Reserve issues guidelines.
Also, they said since the bill allows some forms of gambling it is going to be all but impossible to distinquish if the transaction was legal gambling or illegal.
WHAT AT MESS!