Banker Weighs In On UIGEA
24 April 2010
Steve Kenneally, Vice President of the American Bankers Association, recently gave an interview where he spoke out against UIGEA. In the interview, he called the law ineffective and a costly piece of legislation.
He stated that the banks will be able to enforce the law in most cases, but it will take time to implement. He went on to state that there are certain types of transactions that the banks will not be able to stop. One example would be wire transfers. Another would be if the player would write a check to the gambling site. Since the check would be in the name of the holding company, the bank would have no idea if the holding is involved in online gambling, and thus would not stop the transaction.
Another problem would be if overzealous bankers erred on the side of caution and stopped legitimate transactions, ie: the buying of state lottery tickets.
He further stated that the costs involved with the enforcement of UIGEA will be high and that the banks cannot bear those costs themselves. So the costs would be passed on across the board to all, even people who have no interest in online gambling.
Kenneally stated that the only real solution is the legalization and regulation of online gaming. And with the June 1st deadline for the implementation of UIGEA, and no new hearing date on Barney Frank’s bills, the banks, and everybody else, are just going to have to be ready for June 1.
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31 May 2010UIGEA Set To Go Into Effect Tuesday
UIGEA, the Unlawful Internet gambling Enforcement Act, goes into effect on Tuesday, leaving many players wondering just how it will affect the way they gamble online.UIGEA was passed back in 2006, and since then, many lawmakers have been learned much about internet gambling and have changed their stance concerning UIGEA.Under UIGEA’s provisions, the banks are charged with policing internet gambling.Read full article
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Just how this is going to affect everyone that plays online is still in question. The Bankers say that they do not know how they are going to implement this law, since it is so unclear and will take away the privacy from their customers. We will have to wait and see just what does happen when this law goes into effect. ORLANDO, FL, May 27, 2010 /24-7PressRelease/ — The Unlawful Internet Gambling Enforcement Act looks to be on track to go into full effect on June 1, 2010.Read full article