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Liklihood of Syncing

A major flaw within the controversial UIGEA (Unlawful Internet Gambling Enforcement Act) is the expectation that the US financial companies will effectively monitor the billions of financial transactions that take place on a daily basis throughout the United States. The UGIEA puts the weight of enforcement on the US financial institutions and banks and expects these companies and businesses to work with the US officials to create a comprehensive list of all payments that should be blocked. That is fine in theory, but implementation is a totally different matter, the online casinos and payment processing companies are continually altering their payment methods to accommodate the US industry.

Essentially, the UIGEA requires a high level of syncing and communication between the US financial system and foreign banks – communication processes that are not yet fully implemented and certainly not entirely effective. A spokesperson for the American Business Association commented that the UIGEA is not going to effectively create a process whereby the US financial system can effectively monitor 93 billion transactions. The online casinos and payment processing companies are still going to find ways to exploit the flaws in the UIGEA and access US gamblers.

Additionally, the ABA spokesperson noted that in addition to not effectively providing the support necessary to monitor all of the US transactions, the UIGEA and current support regulations are not likely to stop money laundering from occurring. The best way to prevent money laundering is to ensure that only honest and respected companies are operating in the market – but the UIGEA wholly prevents this from occurring.