The vice-president of the yankee Bankers Association told reporters from the Medill News Service that the looming implementation of the UIGEA is not going to prevent transactions to online casinos. Steve Kenneally also asserted that what the attempt at banning Internet gambling will achieve is higher costs and unsure rulings.Kenneally said banks can stop payments by credit and debit cards to Internet casinos, if those establishments clearly identify themselves. He left untouched the probability that some online casinos may disguise their sales identification, particularly those possibly to wish regulation.
The banking executive also noted that checks and cord payments to online casinos would escape the awareness of banks looking to follow UIGEA rules, and that such transactions would continue unimpeded.
While noting the convenience with which aggressive gaming sites can avoid the detections demanded by the UIGEA, Kenneally also observed that banks may have new costs related to the method of defining and blocking online gambling sites. Costs might be passed directly to the consumer, leaving US residents to pay for the privilege of getting their freedom impaired.
Kenneally said banks may also need to take care of the ambiguous terms of the UIGEA, which leave terms comparable to "unlawful transaction" and "illegal gambling" undefined. The results, even before the act is fully implemented, have already included blocking of such varied and legal processes as state lotteries and social group raffles and sales.
"We're just telling all of our bankers to be prepared on June 1," Kenneally said in an ominous warning very similar to those issued before hurricanes and other destructive events.
Published on April 22, 2010 by TomWeston
Read More... [Source: UIGEA News]
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