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ACH(electronic funds transfer) MAY NOT BE INCLUDED IN NEW BANKING RESTRICTIONS

Discussion in 'Casino Industry Discussion' started by footdr, Oct 16, 2006.

    Oct 16, 2006
  1. footdr

    footdr Banned User: PITA violations of the Forum Rules

    Occupation:
    management
    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!
     
    3 people like this.
  2. Oct 16, 2006
  3. mary

    mary Dormant account

    I had forgotten completely about porn.

    Wow. I'd hate to think what Americans would do it suddenly cut off from their porn. Not to mention the news coverage of defining just what is and is not porn on the Internet. Can you see the states arguing states rights' for different porn standards? And all the talk radio and tv shows revolving aorund that? Heck, I bet all the politicians would rather see us invade North Korea, Iran, and Venezuela than go on the record as either supporting or restricting porn!:eek:
     
  4. Oct 16, 2006
  5. maybe winner

    maybe winner Dormant account

    Occupation:
    self employed
    Location:
    USA
    what is considered an electronic tranfer ??

    would a place like firepay be an electronic transfer?

    what about a credit card ??
     
  6. Oct 17, 2006
  7. footdr

    footdr Banned User: PITA violations of the Forum Rules

    Occupation:
    management
    Location:
    cyberspace
    explanation of ACH/EFT

    Yes neteller, Firepay and Click2 pay all conduct fund transfers electronically, but they would be identified more than likely as being associated with casinos.

    I am talking about ACH and Echeck options listed as banking methods.

    According to what I read, the way they are coded the Banking industry presently was no means of identifying what goods or services the funds were used for. At least that is my understanding.

    If anyone has further information or expertise in this area please post your comment.
     
  8. Oct 18, 2006
  9. bcturns

    bcturns Dormant account

    Occupation:
    Civil Service
    Location:
    USA
    when i deposit to neteller using my bank debit card, it shows up on my bank statement as an ACH debit. just like any puchase at any merchant. it comes up as 888 + various numbers and letters. also when i do a cash out back to my bank account from neteller it shows up as an ACH credit. just as if i returned something for a refund.

    i hope this will still be allowed. i was just starting to catch the online bug!
     

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