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bankers are opposed to the internet gambling bill

Topic closed. 4 replies. Last post 10 years ago by LOTTOMIKE.

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LOTTOMIKE's avatar - cash money.jpg
Tennessee
United States
Member #7853
October 15, 2004
11338 Posts
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Posted: July 29, 2006, 3:34 pm - IP Logged

ICBA Asks Senate to Re-Examine Internet Gambling Bill Requirements

Washington, D.C. (July 28, 2006)—The Independent Community Bankers of America (ICBA) called on Congress to re-examine provisions in the Internet Gambling Prohibition and Enforcement Act (H.R. 4411) as passed by the House of Representatives since the measure could greatly over-burden the nation's payment system and monitoring payments made to gambling interests may be impossible.

"ICBA recognizes the concerns that some of your colleagues have raised about Internet gambling," ICBA wrote in a letter to Senate Banking Committee Chairman Richard Shelby (R-Ala.) and Senate Judiciary Chairman Arlen Specter (R-Penn.). "We urge Congress to recognize that the nation's banks have already taken on major responsibilities to help detect and prevent terrorist financing and illegal money laundering. Attempting to monitor and block gambling transactions, particularly given the limits of the current payment technology, could detract from those efforts."

ICBA also noted additional concerns with the legislation, including:

  • The bill creates an impossible compliance burden for "uncoded" transactions. Unlike credit card transactions, which include a code that identifies the type of business receiving payment, uncoded transactions (electronic payments and personal checks) don't provide this information. While it's possible to monitor and block certain types of credit card transactions, a bank cannot do so with uncoded transactions.

     

  • The bill threatens to subject banks and electronic processors to potential criminal liability for routine processing of financial transactions - their core business operation.

     

  • The bill could subject banks to inconsistent state and national standards.

ICBA has been working to ensure that community banks - which through the USA Patriot Act and Bank Secrecy Act must confirm the identity of bank customers while documenting and reporting suspicious transactions - can continue to focus their resources where risks to national safety and financial soundness are greatest. The burden of regulation and compliance created by H.R. 4411 is substantial, and if enacted, would require banks to identify and block transactions between bank customers and Internet gaming companies on a system not designed for this purpose.

    MillionsWanted's avatar - 24Qa6LT

    Norway
    Member #9517
    December 10, 2004
    1279 Posts
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    Posted: July 29, 2006, 3:58 pm - IP Logged

    They don't like anything that will slow down the circulation of money, especially money that will go through their banks.

      tntea's avatar - Lottery-059.jpg

      United States
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      June 30, 2004
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      Posted: July 29, 2006, 4:15 pm - IP Logged

      PIA..........................................

      Will Neteller, Paypal and such be included with this?

           OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

        JAP69's avatar - alas
        South Carolina
        United States
        Member #6
        November 4, 2001
        8795 Posts
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        Posted: July 29, 2006, 4:22 pm - IP Logged

        If this type of bill is passed in this form requiring banks to monitor transaction will involve extra cost.

        What does that mean. More employees to monitor transactions.
        Which means a higher transaction fee for each transaction. Which means the banks will be getting the 2 billion dollars instead of the gambling sites.

        Which means everyone doing transactions will pay for this bill.

        Now the do gooders can chew on that and it's their creation. ROFL

        DUHHHHHHHHHHHHH  Green laugh

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          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
          United States
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          October 15, 2004
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          Posted: August 2, 2006, 9:07 am - IP Logged

          the banks don't have the time or the resources to do what the government is asking them to do with this bill and they are letting them know this.the thing is the government don't give a damn one way or the other even if it is the majority.this isn't china.......