Banker Says UIGEA Online Casino Ban Ineffective
Hey girls… here is some news on the US online gambling bill. The Medill News service bureau was informed by the Vice President of the American Bankers Association, that the threatening implementation of the Unlawful Internet Gambling Enforcement Act would not thwart transactions to online casinos. Steve Kenneally also reiterated that the attempt to ban Internet gambling would only result in higher costs and uncertain rulings.
Kenneally said that banks might discontinue payments by credit and debit card to casinos, provided they clearly disclose their identities. But, did not mention that in the event of a disguise, the payments could be passed through. A banking executive also noted that checks and wire transfers to online casinos would go passed unnoticed in their attempt to adhere to UIGEA rules, and such transactions would continue at any cost without any hindrance.
The attempts to ban online transactions and keep in line with the UIGEA rules is actually incurring additional expenses, and this would get passed onto the customer leaving them to pay for what they are being prohibited from, which is truly a weird scenario. This was the opinion shared by Kenneally, and he also stated that banks would have to deal with the uncertain and unclear terms of the UIGEA, which leaves terms such as “unlawful transaction” and “illegal gambling”, vague.
The results, well before the act is fully in force have already included blocking of such varied and legal processes as state lotteries and social group sweepstakes and sales. Kenneally added, that on their part they were informing the banks and preempting them of the situation by June 1, 2010. Kenneally’s warning to the banks was similar to that which is issued before hurricanes and other destructive events.
