How can banks prevent financial transactions to gambling?

patswin · Sep 29, 2006

Just think about it, theres no way the banks will be able to stop gambling transactions.......with the advent of on line banking and ebusiness there is no way banks can trace all these places. So if I can't send money to neteller or firepay through neteller I can write them an online check out of my account like I pay my monthly bills.

So I will set up Pinnacle sports or whoever my book is as a payee and send them a check. Would probably take a couple of days to get there but it would still work.

Tulsa · Sep 29, 2006

Also, in this age of information, how hard would it be to set up an offshore bank account? Not hard. In fact, what this law will do is cause a huge rise in offshore banks doing business to fit the solution.

I believe things just keep on keep'n on.

tulsa

vanzack · Sep 29, 2006

The banks have already said this is an impossibility.

Brock Landers · Sep 29, 2006

NEver though Fed Exing a cashier's check could EVER be stopped in ANY form of legislation, now or in the future!!

michael777 · Sep 29, 2006

Brock Landers said:
NEver though Fed Exing a cashier's check could EVER be stopped in ANY form of legislation, now or in the future!!

that is what i think also brock,can someone tell me why i can not sent a money order of cashiers check to a fake name " ann lopez" to fund my account,and collect by check or bank wire that shows no link to a sportsbook? i am 100 % sure that i am wrong,someone tell me why i am wrong

Salain · Sep 29, 2006

The only question I have is what if you get audited and they go through and see that you've been disguising your now illegal wires of gambling money?

Maybe you can start holding the rx bashes offshore and have some "high stakes poker games" where your winnings are stored in an offshore account. So long as it doesn't have anything to do with the internet, it doesn't matter if it's from offshore gambling.

Wynn · Sep 30, 2006

I'm thinking that a quick vacation to the Cayman Islands might solve this problem.

TomBrady#1 · Sep 30, 2006

kwalder said:
I'm thinking that a quick vacation to the Cayman Islands might solve this problem.

I will glady do this. couple of mini vaca's a year....1-3 depending...

Mr.Smith · Sep 30, 2006

kwalder,

I have heard the IRS has a SERIOUS bug up their ass about Americans shielding income thru foreign bank accounts. I realize your purposes are not the same, but like a dolphin caught up in a tuna fishing net, you are in trouble if you get on the IRS radar.

Wynn · Sep 30, 2006

We start an Rx Reload Bash there!
:toast:

Wynn · Sep 30, 2006

Mr. Smith said:
kwalder,

I have heard the IRS has a SERIOUS bug up their ass about Americans shielding income thru foreign bank accounts. I realize your purposes are not the same, but like a dolphin caught up in a tuna fishing net, you are in trouble if you get on the IRS radar.

No doubt, the IRS does not approve of unreported income generated in a foreign country and I would never consider not reporting the interest I earn from one of Cayman's fine upstanding financial institutions.

uppy:

fathead · Sep 30, 2006

Salain said:
The only question I have is what if you get audited and they go through and see that you've been disguising your now illegal wires of gambling money?

The IRS could care less where your income comes from as long as you pay the correct taxes. Just list your gambling winnings and losses on your 1040 as usual. They are also blocked from revealing your return info to anyone else by law.

ClipJoint · Sep 30, 2006

fathead said:
The IRS could care less where your income comes from as long as you pay the correct taxes. Just list your gambling winnings and losses on your 1040 as usual. They are also blocked from revealing your return info to anyone else by law.

Yes, but their is a box asking if you have an offshore bank account.

sean1 · Sep 30, 2006

Ok, check off the box and report your interest. If you are really worried, send the bank statements with your 1040.

Sean

How can banks prevent financial transactions to gambling?

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