It wont be regs, it will be paperwork that shows they are TRYING to comply.
Here is my regulatory interpatation of what the Feds will try to do. At first I thought when push comes to shove the banks will just close a suspected gamblers account. I later ammended it to the below.
Juice
Lieutenant
Posts: 1744
Joined: 12/02/2005
Close is to harsh OSB. It will be more like putting ach and eft limits on your account usuing historical data to set the guidelines. Either per account or for the bank in general with a second tier for those whom raise a red flag.
I vote the latter. Once you go x amount over y time, you will trigger a Suspicious Activity Report, Internet Gaming version or IG. This kicks things up the latter to the feds, just like all the OTHER SARS reports out there.
Problem is, they are crying to the blue heaveans about the 9/11 generated ones because the banks are overreacting, they are crying about to much coming from Vegas and other points unknown. All this and more because the feds have demonized these people into thinking that if even one person or dollar gets thru, its curtains for you. In reality there are no criminal penaltys, just career ones, thats all.
All the way down to the bottom, to a guy like me. You really have no idea how hard it is to work under that fear, top to bottom left to right.
All this does though is show that the banks tried to comply, now its up to the feds to react. Only they never see half of it, if three quaters, its a low level report.
You have to generate a few first and trigger a Cash Transaction Report or CTR-IG.
Thats to go along with all the OTHER CTR reports out there. SEE above for the rest.
This law mkaes the banks prove the Feds that they are TRYING TO COMPLY with the law, whether they can enforce it or not is not the point, they tried and IT IS A DETTERENT TO SOME.
However, Unfortunatly, the media at any time or place will bring this topic up, AGAIN AND AGAIN. From now on out, everytime a politician anywhere makes a anti gambling, we will stomp it out speech, someone will say, HOWS THAT BANKING LAW COMING ALONG/ DID YOU STOP ANYBODY YET?
Try talikng about it in congress, oh by the way, hows the banking law? YOU NEED HOW MUCH????WE GAVE YOU 10 MILLION, WHAT HAPPENED?
In the end no regulations will be written, just paperwork drawn up to prove you tried. Since there are no criminal penaltys, not to worry, as always. No one ever notices, till now that is.
Now they will have to produce. Stop it or lose face around the world and become the laughing stock of a generation.
Its a draw that will become a push by the Feds to produce. This means they will put it on the banks, thus restrictions on accounts, to start. You think you go through hoops to get paid offshore? Wait.
It could easily come to something like that if the Feds noses continues to get rubbed in it, which it will.
The Feds have dared the people and the people as always want what they cant have and will crow publicly how it has not stopped them one bit.
I could go on, but why? Sooner or later the people, the banks and the companys will fight back, because if nothing else, its cheaper by far and buys them time to vote someone else in.
In the meantime with everything moving to an ENTERTAINMENT platform with more offerings in the marketplace than ever seen before, I can assure you,
THIS LAW IS ALREADY OUTDATED.
In the mean time 2 things. Dont let my 101 look ins scare you, I just have an inside out view of things, and 2, lets see where we stand a month after the elections with all this.
I say even more so than before, this cost them the election and then some.
They turned on there own kind across the board, deeply, plain and simple. The whole 9 yards as I see it. No stone unturned. Brutal really.
Here is my regulatory interpatation of what the Feds will try to do. At first I thought when push comes to shove the banks will just close a suspected gamblers account. I later ammended it to the below.
Juice
Lieutenant
Posts: 1744
Joined: 12/02/2005
Close is to harsh OSB. It will be more like putting ach and eft limits on your account usuing historical data to set the guidelines. Either per account or for the bank in general with a second tier for those whom raise a red flag.
I vote the latter. Once you go x amount over y time, you will trigger a Suspicious Activity Report, Internet Gaming version or IG. This kicks things up the latter to the feds, just like all the OTHER SARS reports out there.
Problem is, they are crying to the blue heaveans about the 9/11 generated ones because the banks are overreacting, they are crying about to much coming from Vegas and other points unknown. All this and more because the feds have demonized these people into thinking that if even one person or dollar gets thru, its curtains for you. In reality there are no criminal penaltys, just career ones, thats all.
All the way down to the bottom, to a guy like me. You really have no idea how hard it is to work under that fear, top to bottom left to right.
All this does though is show that the banks tried to comply, now its up to the feds to react. Only they never see half of it, if three quaters, its a low level report.
You have to generate a few first and trigger a Cash Transaction Report or CTR-IG.
Thats to go along with all the OTHER CTR reports out there. SEE above for the rest.
This law mkaes the banks prove the Feds that they are TRYING TO COMPLY with the law, whether they can enforce it or not is not the point, they tried and IT IS A DETTERENT TO SOME.
However, Unfortunatly, the media at any time or place will bring this topic up, AGAIN AND AGAIN. From now on out, everytime a politician anywhere makes a anti gambling, we will stomp it out speech, someone will say, HOWS THAT BANKING LAW COMING ALONG/ DID YOU STOP ANYBODY YET?
Try talikng about it in congress, oh by the way, hows the banking law? YOU NEED HOW MUCH????WE GAVE YOU 10 MILLION, WHAT HAPPENED?
In the end no regulations will be written, just paperwork drawn up to prove you tried. Since there are no criminal penaltys, not to worry, as always. No one ever notices, till now that is.
Now they will have to produce. Stop it or lose face around the world and become the laughing stock of a generation.
Its a draw that will become a push by the Feds to produce. This means they will put it on the banks, thus restrictions on accounts, to start. You think you go through hoops to get paid offshore? Wait.
It could easily come to something like that if the Feds noses continues to get rubbed in it, which it will.
The Feds have dared the people and the people as always want what they cant have and will crow publicly how it has not stopped them one bit.
I could go on, but why? Sooner or later the people, the banks and the companys will fight back, because if nothing else, its cheaper by far and buys them time to vote someone else in.
In the meantime with everything moving to an ENTERTAINMENT platform with more offerings in the marketplace than ever seen before, I can assure you,
THIS LAW IS ALREADY OUTDATED.
In the mean time 2 things. Dont let my 101 look ins scare you, I just have an inside out view of things, and 2, lets see where we stand a month after the elections with all this.
I say even more so than before, this cost them the election and then some.
They turned on there own kind across the board, deeply, plain and simple. The whole 9 yards as I see it. No stone unturned. Brutal really.
There is another one coming along in the House - HR4777, Internet Gambling Prohibition Act. This one would make it a Federal crime to place a bet on the internet, but carves out horserace betting and state exempt gambling.
http://www.govtrack.us/congress/bill.xpd?bill=h109-4777
It should be very difficult to pass, but again we are talking about slimy Washington politics.
http://www.govtrack.us/congress/bill.xpd?bill=h109-4777
It should be very difficult to pass, but again we are talking about slimy Washington politics.
That is correct from a Federal standpoint.Fishhead said:
HR4777 is much harsher and far-reaching than what was just enacted since it would make it a crime for a US citizen to place a non-exempt internet wager. This is the one Goodlatte et al really want but they know it is a longshot. The recently passed UIGEA could be perceived as a trial balloon for this bill.
kwalder said:
To my knowledge this is not true. What this one attempts to do is "modernize" the Wire Act by making it clearer what is prohibited. Basically the issue is a federal court in Louisiana made it fairly clear the Wire Act applies only to sports betting and horse racing. This basically makes all gambling games, including casino and poker, illegal, but carves out the horse racing as long as regulated authorities conduct it. There is really no effort to outlaw wagering, just a continuation of making it illegal to run a gambling business.
Plain and simple, our jails are already way to overcrowded to sentence anybody to jail time for such a such a non-criminal act as online gambling. As long as our community sticks together, this law will go down like the prohibition of the 20's.
Enjoy your games players.....................Rugby
Enjoy your games players.....................Rugby
The US Government is stupid. They should allow US casinos to operate sports betting websites and tax the revenue. People are going to bet somewhere...and what is the difference when you already have lotteries, horse racing, river boat gambling, land casinos, etc., etc. Make money off of it you morons and lower some other taxes!!!!
