electronic payments ,
gaming ban The Independent Community Bankers of America (ICBA), a leading trade group in Washington D.C., is fighting against the proposed law that would block electronic transfers between U.S. gamblers and Internet casinos.
The banking association is the highest-profile group to date that has come out against the Internet gaming ban, joining the San Francisco-based Poker Players Alliance, which has 100,000 members.
The lobbying group represents 5,000 community banks all over the U.S., said that it would be difficult, if not impossible, for banks to monitor electronic payments from gamblers to the Internet, because the wire transfers are not coded to show what type of business is doing the billing.
“ICBA recognizes the concerns that some of your colleagues have raised about Internet gambling,” a spokesman for ICBA said. “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.”
The association said that smaller banks simply do not have the capability to stop gamblers from using paper-checks to move money into gambling accounts. The proposed law might require them to do so, however.
According to the ICBA, 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.
The proposed law is frustrating not only to bankers, but to those involved in the industry of online gaming too.
“I wish they were just trying to regulate us or tax us,” Michael Bolcerek, executive director of the Poker Players Alliance said, of the U.S. government.
onlinecasinocrawler.com