According to a report in the London Financial Times of Tuesday last week, the banking sector has warned the US Treasury that regulations proposed for the online gambling ban will be impossible to comply unless the Bush administration clarifies conflicting views on the online gambling bill.
The Financial Services Roundtable, which represents dozens of banks and other financial services firms, said it was “very concerned” that adoption of the rules could impose “significant” and costly compliance burdens on banks.
“The statute and the proposed rule expand the role of financial institutions to police laws that are more appropriate for law enforcement agencies,” the Roundtable said in public filings to the Treasury and Federal Reserve.
The criticism raises new questions about whether Keluaran HK regulators will be able to enforce a law that, in effect, requires banks and other institutions to know the purpose and legality of payments in an industry – online gambling – in which federal and state rules often conflict. To make matters worse, the one-year old law allows for some form of online gambling like horse betting, which will make it nearly impossible for banks to differentiate between the “good” web betting …