British Banks - new rules for transfers to and through the USA

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
This has just come as an advisory from a British bank. While this would not be a problem for normal bank transactions (unless one was up to no good), but I am worried that this may make it far harder (if not damn near impossible) for any casino or webwallet to send a payment to a US based player without enough information accompanying it to make it pretty obvious that it has originated from a casino, or a banking entity that processes casino payments.

I am not sure what the significance of May 14th is; whether the date is up to each bank, or whether the US banking system have specified this date.
I would presume transactions to and through the USA which do not comply will be blocked from proceeding to the recipient.

Probably time for a bit of sleuthing while you still have two weeks to get the payments out under the existing rules.

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As from the start of business Monday 14th May 2007, there will be a change to the way we process international payments.

What's the background?

The USA Government requires that all international transfers processed through the USA be provided with all the transfer details. As all SWIFT payments worldwide are processed through the USA, any SWIFT transfer requested by you will have the full transfer details disclosed to the USA Government. This also applies to TIPANET payments that are sent to the USA.

The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive and so the sender of the money must be made aware of this and be given the option not to proceed with the transfer if they are not in agreement to this sharing.

What does this mean to me?

If you ask us to send a SWIFT payment to anywhere in the world or a TIPANET payment to the USA, you will need to agree to a declaration about how the transfer details could be used.

We'll need you to agree to the declaration each time you ask us to do a SWIFT payment to anywhere in the world or a TIPANET payment to the USA. Unfortunately, we can't process your request in these circumstances without your agreement to the declaration.

TIPANET payments to other parts of the world and euroCHAPS are not affected by this change.

What does the declaration say?

Below is the declaration that we'll need you to agree to each time you request a SWIFT payment to anywhere in the world or a TIPANET payment to the USA:

'In order to make this payment, personal information relating to the individuals involved in the transfer may be processed for the purposes of:

a) Complying with applicable laws, including without limitation anti-money laundering and anti-terrorism laws and regulations,
And
b) Fighting crime and terrorism,

And disclosure to any Government entity, regulatory authority or to any person we reasonably think necessary for these purposes. This may mean that personal information will be transferred outside the EEA to countries, which do not provide the same level of data protection as the UK.

I agree to the above: Yes/No? (Delete as appropriate)'
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jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
And then our politicians try to assure us that we live in free democracies LOL!!

This gives you an ultimatum - agree to the declaration or we won't do your transaction.

It's sickening to see the liberties with privacy being taken, and the autocratic way these ever increasing restrictions are imposed by the financial sector....all to "protect us from terrorism and crime". In the meantime we inch closer to totalitarianism in small increments like this.

The Internet is certainly being brought under control.
 

lojo

Banned User - repetitive violations of <a href="ht
Joined
Jan 18, 2007
Location
USA
...
The Internet is certainly being brought under control.

And is the very reason, seed, or excuse for this over-reaching control. But oh well. It's much much more than this.

As part of the framework, the United States and EU will set up the "Trans-Atlantic Economic Council" to push regulatory convergence in nearly 40 areas, including intellectual property, financial services and the automotive industry.

I watched the press conference live, it spoke of tarifs and protectionism.

edit: Jose spoke of tariffs and protectionism, free trade ad naseum
 
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cynthial

Boo
Joined
Oct 9, 2006
Location
Albuquerque
Could someone please re-post the date of the deadline for US financial institutions to have implemented the UIGEA restrictions. If we have any pending withdrawals at that time are we probably screwed? I have several pending and am nervous that the deadline is rapidly approaching. Thanks!

All I remember was it was 270 days from the date Bush signed it.
 
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lojo

Banned User - repetitive violations of <a href="ht
Joined
Jan 18, 2007
Location
USA
And have seen it as July 9.

If the banks have a 21 day window... just about anytime now is good.
Expect NLR to list again within the 21 day window. By June 18th. Also for market watchers, expect a major disruption, probably asian market, right around this time.
 
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NASHVEGAS

Banned User - flamming, disrespecting admin,
Joined
Dec 10, 2006
Location
MERS
As from the start of business Monday 14th May 2007, there will be a change to the way we process international payments.

What's the background?

The USA Government requires that all international transfers processed through the USA be provided with all the transfer details. As all SWIFT payments worldwide are processed through the USA, any SWIFT transfer requested by you will have the full transfer details disclosed to the USA Government. This also applies to TIPANET payments that are sent to the USA.

The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive and so the sender of the money must be made aware of this and be given the option not to proceed with the transfer if they are not in agreement to this sharing.
What does this mean to me?

If you ask us to send a SWIFT payment to anywhere in the world or a TIPANET payment to the USA, you will need to agree to a declaration about how the transfer details could be used.

We'll need you to agree to the declaration each time you ask us to do a SWIFT payment to anywhere in the world or a TIPANET payment to the USA. Unfortunately, we can't process your request in these circumstances without your agreement to the declaration.

TIPANET payments to other parts of the world and euroCHAPS are not affected by this change.
A paradox for the online casino industry(have to be brief but should not need to elaborate)................furthermore US just throws some salt on US players aka money laundering terrorists............anybody see the fat lady???(keep it clean).

If I understand correctly, then this new process will not only affect US players but possibly all. Perhaps, this thread should be available to all...........THANX.
 
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dominique

Dormant account
Joined
Jul 5, 2003
Location
The Boonies
The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive and so the sender of the money must be made aware of this and be given the option not to proceed with the transfer if they are not in agreement to this sharing.

Unbelievable!
 

lots0

Banned User - troll posts - flaming
Joined
Jun 3, 2006
Location
Hell on Earth
Those who control the money control everything.

I thought the Banks would run from the UIGEA, but it has been just the opposite has happened, the Banks have raced to embrace this massive new power they have been given...
 
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