FinCEN report to Congress on reporting of cross border wire transfers

[Mossberg]

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So this report concludes that all non US based online poker is doomed but not in the near future?

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Seriously? WTF?

[curious123]

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The primary reason I highlighted the timing, was because there has been alot of emphasis on the 270 days... this is an example of how long things actually can take...

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Sniper, not sure if this particularly relevant, let alone useful, but while digging through their website I came across this DOT press release from back in '04...

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Internet Gambling (H.R. 2143)

H.R. 2143 would allow six months for the federal financial regulators and the Federal Trade Commission (FTC) to promulgate regulations for payments systems that would prevent transactions relating to unlawful Internet gambling. The rules would require any designated payment systems to establish policies and procedures "reasonably designed" to identify and block, and to prevent the acceptance of payment system products or services related to, restricted transactions. Restricted transactions would be transmittals or transactions to gambling businesses that are connected to unlawful Internet gambling by another person, for example, a credit card payment.

H.R. 2143 does not legislate any new crime of Internet gambling, and it takes into consideration various characteristics of our financial system. The bill designates financial regulators and the FTC as the appropriate rule makers for payments system transactions affecting financial institutions, financial instruments, and financial products and services. It also designates the federal financial regulators as the appropriate enforcers. The Administration opposes illegal Internet gambling and looks forward to continuing to work with Congress on this important issue.

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Likewise back in Oct. I came across alot of old stuff (everywhere from DOT to DEA, iirc) indicating that this has all been a long time coming.

[demon102]

So what is the basis of this post? Ive been reading for like 2 hours on 2+2 and cant stand to read all of these posts, can someone give a very very breif summary for me and others whos heads are hurting cuz of all the big words?

[curious123]

From the end of the Executive Summary I linked to earlier in this thread...


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Based on these efforts, FinCEN will create a development plan that incorporates a series of milestones and would permit pilot testing of different aspects of the reporting system. This incremental development approach will enable FinCEN to build the system in manageable stages and to test the system's functionality at each stage before moving on to the next.

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I think maybe this is what we're seeing here...An interesting/disturbing convo w/ a BOA CC Rep. re: ePassporte

[SlapPappy]

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So what is the basis of this post? Ive been reading for like 2 hours on 2+2 and cant stand to read all of these posts, can someone give a very very breif summary for me and others whos heads are hurting cuz of all the big words?

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Basically this is just an informative thread about wire transfers, I believe, and how the FinCEN is looking into regulating those as well. Which could mean no Western Union in the future for Americans as a deposit option.

[SlapPappy]

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<CnP'd from the NT alt. thread...>

Thx for the link (referring to this post). Digging around the ICBA site I came across this...

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The president also signed legislation outlawing Internet gambling, which prohibits financial institutions and credit card companies from processing Internet gambling payment transactions. ICBA convinced lawmakers to limit the burden on banks by directing the Federal Reserve and Treasury to exempt from the regulations transactions, such as checks and ACH payments, that cannot feasibly be tracked and blocked.

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In light of recent (well recently discovered, anyway) info, it seems to me the initial not-so-encouraging viewpoints of insiders (including our own Performify's) on the ease of implementing ACH coding were off. In fact, as I understand the FinCEN document I linked in another thread, they talk about not being able to have this in action for another 2 1/2 years or so.

It would be great if Performify, or any others in the banking industry would step in here and clarify/elaborate.

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I think any discussion of ACH transactions being blocked by banks is a little late because it seems all ACHs have pulled out voluntarily. So, the banks may not even have to worry about it.