Fergie's Tech Blog

Banks Rap Internet Anti-Gambling Proposal

Roy Mark writes on internetnews.com:

Legislation designed to put a dent in Internet gambling ran into opposition Wednesday from the banking industry and, surprisingly, the Traditional Values Coalition.

The Internet Gambling Prohibition Act proposes to make it illegal for Americans to use the Internet for gambling and would authorize law enforcement officials to stop credit card payments and other forms of electronic payments.

"Our concern is that the added burden of monitoring all payment transactions for the taint of Internet gambling will drain finite resources currently engaged in complying with anti-terrorism, anti-money laundering regulations and the daily operation of our bank," Samuel Vallandingham, representing the Independent Bankers of America, told a House subcommittee.

Vallandingham added, "Ultimately, we question whether the Internet gambling bills currently before the House will efficiently regulate the targeted behavior at a level which will justify the time and expense required by community banks to comply with another level of regulation."

posted by Fergie @ 4/06/2006 11:58:00 AM