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Government Proposes Tracking of Online Transactions

Submitted by on 22 July, 2021 – 4:33 am

A bill to monitor cross-border electronic money transfers U.S. online poker players concerned about their future this week. The proposal was the subject of a recent article in The New York Times.

In an effort to prevent terrorist financing and money laundering taking place in the United States Treasury Department proposed regulations that require banks to make weekly reports of all electronic money transfers in and outside the U.S. along with social security numbers of the make transactions. While online poker players are not supposed to be the main targets, the law is likely to include any transfers made to and from online poker sites like PokerStars and Full Tilt Poker.

At present, banks and financial institutions are required to report international electronic funds transfers in excess of $ 10.000 to the Federal Government. If this proposal is carried out, however, each international electronic funds transfer both to and from the United States, reports said.

“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 Director James Freis Jr., the Financial Crimes Enforcement Network, a subdivision of the Treasury Department. Freis gave their comments to the Times in an article on Monday.

The Unlawful Internet Gambling Enforcement Act (UIGEA) came into full effect in June and restricts banks and other financial institutions to accept transactions from and to institutions online gambling illegal. Most banks, however, have said they would be almost impossible to keep track of each transaction, since most are small and not worth tracking. The minimum deposit and withdrawal for most of the United States compared to online poker sites, for example, is $ 50.

According to the reports, which cost $ 33 million to build a structure to oversee the operations of banks and financial institutions within and outside the United States.

The monitoring result could be disastrous for online poker players. If a third party payment processor is under investigation for illegal transactions related to the game, players can be linked to the company if they have made a transaction through an online poker site. A simple check of a social security number could mean a player who participated in the illegal transaction.

This news comes at a trial period for online poker players in the U.S. Earlier this week, PokerStars decided to not accept cash players from the state of Washington after the Washington State Supreme Court upheld the ban on internet gambling hard. Another decision involving the Kentucky Supreme Court called on owners of Internet gambling operations appear in court to establish the legal representative, if you do not want the Community to take advantage of the domain names of web sites. Back in 2008, the Kentucky tried to seize 141 gambling domains online claimed were operating illegally in the state.

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