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Funds Transfer Proposal Has Online Poker Players on Edge

Submitted by on 14 January, 2020 – 4:32 am

If the players of the UIGEA did not make life impossible for online poker players as it is sufficient, a new proposal by the U.S. government was really worried. Recently it was announced that the Treasury Department had proposed that all U.S. banks make weekly reports on all electronic money transfers that enter and leave the country.

This comes at a time when online poker players in Washington have declined by Pokerstars to play for money at their poker site.

The reason for creating this requirement – until now only requires banks to keep records of transactions of $ 10,000 or more – is that the government says it wants to fight terrorism and money laundering. “By establishing a centralized database, the master plan will help law enforcement in detecting and ferreting out transnational organized crime, multinational drug cartels, terrorist financing and international tax evasion,” said James H. Freis Jr., director of FinCEN (Financial Crimes Enforcement Network).

The government will have to spend more than $ 30 million to get the new proposal to establish.

poker players online are concerned that the movement to put even more obstacles in the path of international electronic funds transfer will make it more difficult for them to fund their own accounts online poker gaming sites offshore .

So far, despite the Unlawful Internet Gambling Enforcement Act, many players were still able to fund their accounts through their own banks and the Treasury is not yet focusing on banks to prosecute under this draconian law and these operations mostly flying under the radar.

However, if banks know that now is in the center of attention and that all transactions relating to electronic fund transfers will now be under review, will be more reluctant to allow the transfer of funds to online poker sites.

The players fear that the new policy will make the application and detection of transfers of money to shore sites simple and easy.

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