September 30th, 2007
Internet gambling regulations proposed by U.S. officials on Monday
stopped short of requiring U.S. banks to block checks their customers
make to online casinos while forcing banks to halt debit and credit
payments.
The Treasury Department and the Federal Reserve issued a plan
requiring bank policies and procedures that are “reasonably designed to
prevent payments being made to gambling businesses in connection with
unlawful Internet gambling,” they said in a statement.
The new U.S. regulations would make the banks responsible for
blocking credit and debit card payments for online gambling. It also
bars bank customers such as online casinos from receiving Internet
gambling proceeds.
“I think that that’s doable,” an industry source said of the proposal.
But industry officials said it seemed that regulators had addressed
their biggest concern about the new law. The agencies concluded it was
“not reasonably practical” for the banks to identify and block
customers from sending checks and making some other types of transfers.
Click here to go to the article and read more.
Author Contact Info: Reuters
