Banks implementation of legislation

[davmcg]

I really think that the ability of financial institutions to implement these policies should be questioned. Large financial institutions look to system solutions rather than manual intervention. How can they possibly set up systems that would monitor transactions on a global basis with businesses and non-us financial institutions that would be under no obligation to co-operate?

As soon as any funds move to an offshore organisation the legislation is ineffective. The funds would have to be blocked before they reached that organisation. The only way that could happen was if there was some registration system for every bank account/organisation in the world that identified if it was substanially linked to gambling. That isn't going to happen, so the only way that this legislation is going to be effective is if e.g Party Gaming choose not to get round it.

[sandycove]

Don’t underestimate federally chartered U.S. banks’ ability and willingness to monitor and discipline your accounts.

My not-insubstantial bank and my not-insubstantial VIP account was gobbled up by giant Wachovia, then spit out, unilaterally, on the grounds that I was no longer resident in the United States and lived in a country that did not have an “appropriate treaty” with the U.S.

The real reason was that I did not give them any brokerage business.

They gave me 60 days to make other arrangements. 45 days by the time I got the letter. Hardly time to adjust direct deposits and debits.

[scrapperdog]

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The only way that could happen was if there was some registration system for every bank account/organisation in the world that identified if it was substanially linked to gambling. That isn't going to happen.

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Umm why wont it happen? You think banks cant mantain a list of places associated with gambling transactions? Not every bank has to do this research themselves, otherwise it could be a problem. Either one bank will maintain this list and sell it to the other banks or they will all pitch in and form some kind of group that does this and freely distributes this information.

[xxThe_Lebowskixx]

the Fed is going to be the one doing it. that is why we are super duper [censored] imho.

[trdi]

I thought about that, too. Party Poker would have no problems to open new bank accounts every day. Those bank accounts are NOT associated with Party Poker, so the transactions would have to be approved.

[davmcg]

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[ QUOTE ]
The only way that could happen was if there was some registration system for every bank account/organisation in the world that identified if it was substanially linked to gambling. That isn't going to happen.

[/ QUOTE ]

Umm why wont it happen? You think banks cant mantain a list of places associated with gambling transactions? Not every bank has to do this research themselves, otherwise it could be a problem. Either one bank will maintain this list and sell it to the other banks or they will all pitch in and form some kind of group that does this and freely distributes this information.

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I'm not questioning their willingness to try just their ability to deliver. This has to be done in a way that doesn't affect non-gaming transactions and will have to be automated. Authorities around the world have been trying to track criminal cash for years without much success, so I don't see how they will be any better implementing this.