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.

Think of the children!

link?

http://www.nytimes.com/2010/09/28/bu...ABrY6cRX+IWQ2Q

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.

LOL they're still giving that **** and bull story? It's been the go-to PC story for long enough now, amirite?

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.

Why did I vote for this guy again???

Change you can believe in

Because he's black and you're short a token black friend?

+1

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..

this probably won't go into effect until 2012 ******. Most likely a troll (or shill) post anyway

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.

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

Believe whatever makes you feel better.

I have played online since 2004 and am a licensed health care professional. I won't be dragged before my state board due to this kind of stupidity.

You can bet on that.

Perhaps you don't have much to risk, but I do. And, yes, I withdrew my money from Stars.

I know the law isn't in effect yet. However, it will be. But at this point, it's clear which way the wind is blowing here in the U.S.

If you wish to roll the dice and take your chances with the constantly increasing legal enforcement taking place here in the U.S.......then, by all means, do so.

The window is closing. This new regulatory push isn't a joke, and it's not an accident. The trend is obvious.

Buck it at your own risk.

s

i

g

h

sympathy sigh

OP is talking about PROPOSED legislation that hasn't even been drafted, let alone passed or placed into effect, for the sake of the discussion stop being an emotional dumbass

the only actual beat in here so far is that stars just lost another fish

Pokerstars has letters from 7 different American Law firms stating they are breaking no US law. Thinking that the US govt will go after the 10 million americans who play online poker is pretty paranoid.

I thought the sites only really start wiring around the 10k mark anyways. What's scary is that cash processors like WU and Moneygram would report all international transactions 1K and up, instead of the 3K now.

This worries me slightly less than a potential paper clip shortage.

Sorry to ruin your knee-jerk panic rants ARM but online poker is not illegal for players and has never been.

It's pretty unlikely that a law like this will pass and then hold up to court challenges anyways but if it did you have nothing to hide if you're just a player.
To me the biggest concern is how much the major poker sites are willing put to up with before the cost of doing business in the US outweighs the profit.

Why does the Bellagio always ask for my name anytime I cash out for $3000 or more?

I wish this affected me but sadly it doesn't (or at least hasn't to date)