Banks Think Internet Gambling Prohibition is Bad For Business

Filed in archive Internet Poker on August 30, 2006

According to Card Player, the banking community is not happy with their role in policing internet gambling deposits. Banks have recently warned politicians that if they are required to have monitor and block gaming transactions, they will be unable to keep up with other responsibilities such as helping provide national security. "ICBA recognizes the concerns that some of your colleagues have raised about Internet gambling," ICBA wrote in a letter to Senate Banking Committee Chairman Richard Shelby (R-Ala.) and Senate Judiciary Chairman Arlen Specter (R-Penn.). "We urge Congress to recognize that the nation's banks have already taken on major responsibilities to help detect and prevent terrorist financing and illegal money laundering. Attempting to monitor and block gambling transactions, particularly given the limits of the current payment technology, could detract from those efforts."
This could prove to be a big blow to the sponsors of the Goodlatte Internet Prohibition bill that is going to the Senate early next year. In my opinion, without cooperation from the banking industry, this bill has little chance of being successful.