Home	Tutorial	Online Casino Reviews	Best Online Casinos	Casino Software	Casino News

Online Casino Gambling --- Casino News

Banking Associates React to Online Casinos Ban

Opposition to proposed regulations released by the United States Treasury Department is fierce, and leading the pack are financial institutions and national banking associations. The American Banking Association sent a letter of opposition to the Treasury Department in response to the release of a set of proposed regulations that would really give teeth and enforceability to the U.S. online casinos gambling ban – the Unlawful Internet Gambling Enforcement Act. The UIGEA regulations were due to be published months ago, but the fact is, the U.S. governmental agencies have had a hard time finding an enforceable set of guidelines that do not overburden the U.S. banking industry.

According to the ABA’s report outlining concerns with the released online casinos regulations, the "ABA believes that the proposal, in large part due to the nature of the statute itself, will fail to create a practical process for intercepting prohibited conduct that maintains an efficiently functioning payments system." There are concerns among many opposed to the online casinos gambling ban that banks will in turn block even legal forms of internet gambling as a way to ensure compliance. The report touches on this issue, the “UIGEA will in the end catch more banks in a compliance trap and do greater damage to the competitiveness of the American payments system, than it will stop gambling enterprises from profiting on illegal wagering."

That is just the tip of the iceberg though where the ABA is concerned, the groups report continues with an even stronger point-of-view concerning the “fundamentally flawed” UIGEA. The report concluded, "In other words, in the view of the drafters of the legislation, all the sophistication of the FBI, Secret Service, and other police computerized detection systems and investigative expertise devoted to fighting terrorism and financial crime are inadequate to the task of apprehending the unlawful gambling business or confiscating its revenues. ABA believes that punting this obligation to the participants in the U.S. payment system is an unprecedented delegation of governmental responsibility with no prospect of practical success in exchange for all the burden it imposes."

There are some serious flaws that the ABA feels need to be thoroughly considered and rectified “before effective implementation of the UIGEA can even be contemplated,” noted the ABA report. Right now the governmental agencies are using vague language regarding what specific online casinos gambling activities are illegal, and even vaguer descriptions of how the banks are supposed to filter out banned transactions versus the legal transactions.