The vice-president of the American Bankers Association told reporters from the Medill News Service that the looming implementation of the UIGEA will not prevent transactions to online casinos. Steve Kenneally also asserted that what the attempt at banning Internet gambling will achieve is higher costs and uncertain rulings.Kenneally said banks can stop payments by credit and debit cards to Internet casinos, if those establishments clearly identify themselves. He left untouched the probability that some online casinos may disguise their sales identification, particularly those most likely to need regulation.
The banking executive also noted that checks and wire payments to online casinos would escape the notice of banks seeking to follow UIGEA rules, and that such transactions would continue unimpeded.
While noting the ease with which aggressive gaming sites can avoid the detections demanded by the UIGEA, Kenneally also observed that banks will have new costs associated with the process of defining and blocking online gambling sites. Costs will be passed on to the consumer, leaving US residents to pay for the privilege of having their freedom impaired.
Kenneally said banks will also have to deal with the ambiguous terms of the UIGEA, which leave terms such as "unlawful transaction" and "illegal gambling" undefined. The results, even before the act is fully implemented, have already included blocking of such varied and legal processes as state lotteries and social group raffles and sales.
"We're just telling all of our bankers to be prepared on June 1," Kenneally said in an ominous warning similar to those issued before hurricanes and other destructive events.
Published on April 22, 2010 by TomWeston
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[Source: UIGEA News]
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