In the past week, as we have searched the offshore sites for funding methods, we have seen the quick disappearance of the e-wallets, even though most were based outside the U.S..
Which leads to the question, will the use of bank wires and cashier's checks to fund accounts also become obsolete? I know there are strong opinions on this forum, but before answering consider this. In the old days, there was no active law in place that required all financial institutions to disallow transfer of funds to offshore accounts. The Unlawful Internet Gambling Enforcement Act Of 2006 holds the financial institutions accountable as making an unlawful act if they transfer funds.
Before, you could transfer funds via bank wire which would travel through various other banks before arriving at it's destination. You could also easily have a cashier's check made out to a business front without hesitation. However, now as the Federal Regulations are still being developed for the financial institutions to follow that are within the U.S., I can easily see a list being provided to the financial institutions by the government and constantly updated to watch for certain banks as well as names to be placed on cashier's checks. It doesn't take much as anyone can pose as a possible customer of an offshore book and get the necessary information needed for bank wires and cashier's checks.
Perhaps, some of you aren't aware of this, but one of the primary reasons Pinnacle closed it's doors to U.S. citizens, was because they were having too much difficulty dealing with the U.S. banks. What happens once all the U.S. banks begin to come around and comply with the new law?
Which leads to the question, will the use of bank wires and cashier's checks to fund accounts also become obsolete? I know there are strong opinions on this forum, but before answering consider this. In the old days, there was no active law in place that required all financial institutions to disallow transfer of funds to offshore accounts. The Unlawful Internet Gambling Enforcement Act Of 2006 holds the financial institutions accountable as making an unlawful act if they transfer funds.
Before, you could transfer funds via bank wire which would travel through various other banks before arriving at it's destination. You could also easily have a cashier's check made out to a business front without hesitation. However, now as the Federal Regulations are still being developed for the financial institutions to follow that are within the U.S., I can easily see a list being provided to the financial institutions by the government and constantly updated to watch for certain banks as well as names to be placed on cashier's checks. It doesn't take much as anyone can pose as a possible customer of an offshore book and get the necessary information needed for bank wires and cashier's checks.
Perhaps, some of you aren't aware of this, but one of the primary reasons Pinnacle closed it's doors to U.S. citizens, was because they were having too much difficulty dealing with the U.S. banks. What happens once all the U.S. banks begin to come around and comply with the new law?
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