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Old 09-28-2010, 03:12 PM   #1
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Proposed new rules for international electronic money transfers

The Obama administration is proposing to change the rules regarding international electronic money transfers. According to a newspaper article today, current rules are that international electronic money transfers greater than $10,000 must be reported by banks to the feds, and banks must retain records on transfers greater than $3,000. The new rules would require that all international electronic money transfers be reported, regardless of the amount involved.



While the rules are intended to track possible money laundering and limit the ability of terrorists to move money in and out of the country, this would also mean all online poker wire transfers and bank wires would also be reported. Might make it a lot easier for the feds to spot payment processors, etc.
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Old 09-28-2010, 03:36 PM   #2
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Re: Proposed new rules for international electronic money transfers

Think of the children!
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Old 09-28-2010, 03:38 PM   #3
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Re: Proposed new rules for international electronic money transfers

link?
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Old 09-28-2010, 04:00 PM   #4
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Re: Proposed new rules for international electronic money transfers

http://www.nytimes.com/2010/09/28/bu...ABrY6cRX+IWQ2Q
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Old 09-28-2010, 05:23 PM   #5
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Re: Proposed new rules for international electronic money transfers

Surely the headline from the NYT article is "a requirement for banks to make weekly reports of all electronic money transfers into and out of the United States."

So imagine a report which shows poker generating $Xm of transfers a week and them thinking, "we want some of that"

But what is "electronic money"? If you transferred savings between on-line bank accounts would that count? Scary.
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Old 09-28-2010, 08:05 PM   #6
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Re: Proposed new rules for international electronic money transfers

Quote:
Originally Posted by RKuczek View Post
While the rules are intended to track possible money laundering and limit the ability of terrorists to move money in and out of the country
LOL they're still giving that **** and bull story? It's been the go-to PC story for long enough now, amirite?

Last edited by captZEEbo; 09-28-2010 at 08:12 PM.
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Old 09-28-2010, 08:29 PM   #7
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Re: Proposed new rules for international electronic money transfers

Interesting and far-reaching implications imo.

This is another nail in the coffin of online poker. It will make enforcement and detection of American money transfers to poker sites outside the U.S. simple and easy.

Until now these transactions have flown under the radar as a result of the fact they were never reported.

If you transfer money to a company that is now linked to money laundering, you run a real risk of becoming entangled in any legal prosecution of that entity if your name is associated with it.

And now any financial association I have with that accused company will be transparent for the gov't to see.

I just withdrew my money from Stars, no joke.

I stand to lose too much if dragged into any investigations of money processors. I never worried about that before, but now it's obvious the climate is changing rapidly here in the U.S. and the gov't is increasing it's enforcement efforts across the board regarding illegal money transactions between entities operating outside American law.

I cannot take the risk to find out how far this will go. I sure as hell don't believe this law will be limited to "terrorism" investigations.

I just hope online poker is legalized in the U.S. soon.
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Old 09-28-2010, 08:57 PM   #8
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Re: Proposed new rules for international electronic money transfers

Why did I vote for this guy again???

Last edited by IamPro; 09-28-2010 at 08:58 PM. Reason: sigh, hope this doesn't pass/supported etc
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Old 09-28-2010, 08:59 PM   #9
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Re: Proposed new rules for international electronic money transfers

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Originally Posted by IamPro View Post
Why did I vote for this guy again???
Change you can believe in
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Old 09-28-2010, 09:33 PM   #10
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Re: Proposed new rules for international electronic money transfers

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Why did I vote for this guy again???
Because he's black and you're short a token black friend?
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Old 09-28-2010, 09:35 PM   #11
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Re: Proposed new rules for international electronic money transfers

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Because he's black and you're short a token black friend?
+1
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Old 09-28-2010, 09:42 PM   #12
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Re: Proposed new rules for international electronic money transfers

Quote:
Originally Posted by Always Rivers Me View Post
Interesting and far-reaching implications imo.

This is another nail in the coffin of online poker. It will make enforcement and detection of American money transfers to poker sites outside the U.S. simple and easy.

Until now these transactions have flown under the radar as a result of the fact they were never reported.

If you transfer money to a company that is now linked to money laundering, you run a real risk of becoming entangled in any legal prosecution of that entity if your name is associated with it.

And now any financial association I have with that accused company will be transparent for the gov't to see.

I just withdrew my money from Stars, no joke.

I stand to lose too much if dragged into any investigations of money processors. I never worried about that before, but now it's obvious the climate is changing rapidly here in the U.S. and the gov't is increasing it's enforcement efforts across the board regarding illegal money transactions between entities operating outside American law.

I cannot take the risk to find out how far this will go. I sure as hell don't believe this law will be limited to "terrorism" investigations.

I just hope online poker is legalized in the U.S. soon.
So you are suggesting that it is possible that the PS money processors can be implicated in money laundering and you can get dragged into it?

Just trying to figure out how this can implicate players in criminal activities..
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Old 09-28-2010, 09:44 PM   #13
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Re: Proposed new rules for international electronic money transfers

Quote:
Originally Posted by Always Rivers Me View Post
I just withdrew my money from Stars, no joke.
this probably won't go into effect until 2012 retard. Most likely a troll (or shill) post anyway

Last edited by LeapFrog; 09-28-2010 at 09:47 PM. Reason: or shill
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Old 09-28-2010, 10:15 PM   #14
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Re: Proposed new rules for international electronic money transfers

Quote:
Originally Posted by omgliekhax View Post
So you are suggesting that it is possible that the PS money processors can be implicated in money laundering and you can get dragged into it?

Just trying to figure out how this can implicate players in criminal activities..
If you transfer money from the U.S. to a money processor, and that money processor is operating outside American law, guess what?

You have committed a crime. You are a participant, willingly or not, in the illegal activities of said money processor. Before, this mattered little because these transactions were NEVER reported. Now, they will be.

The crimes that money processors have been prosecuted under are money laundering laws.

Under this new law, (and since it is being passed as a "terrorism fighting law, what are the odds it will be voted against???), every financial transaction with that processor will be reported to the Federal government. Even down to a $1 transfer.

That is not true today, but will be. Previously, only transfers above $10,000 were reported to the U.S. government.

That means your name will be involved in any possible prosecution of that money processor. In what capacity, I cannot say.

I, however, will not take that risk.

Also, what if that money processor also is prosecuted for ties to, say, organized crime? Or terror-related activities? Such as money laundering connected to a suspected charity group with terror "ties"?

The best attorney in the world won't save your ass then.
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Old 09-28-2010, 10:17 PM   #15
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Re: Proposed new rules for international electronic money transfers

if i understand correctly this is ALL wire transfers being reported instead of some

how does this imply anything for online poker? wire transfers were already being made that met the threshold for being reported by banks
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