New law or protocol for banking in July '07?

[abacus30]

I swear I read somewhere (a few months ago on OSGA maybe) that there was a new law or something else significant taking place in July 2007 that may have a significant effect on online wagering. Do any of you know of anything new beginning in July? Thanks.

[Ganchrow]

I swear I read somewhere (a few months ago on OSGA maybe) that there was a new law or something else significant taking place in July 2007 that may have a significant effect on online wagering. Do any of you know of anything new beginning in July? Thanks.

According to section 5364 of the UIGEA regulators had 270 days from the signing of the legislation (meaning by July, 2007) to enact procedure for financial institutions to identify and block restricted (i.e. gambling-related) transactions.

[abacus30]

That was it Ganch, thanks. I knew there was something significant about July 07.

[LargeMouthBass]

So what do you guys think will happen in July?

[abacus30]

The UIGEA - Gambling Act's provisions (from 2006) demanded that all financial institutions comply 100% with the law by July 2007. Most, if not all, of the financial institutions who planned on complying with the law are already in compliance. So therefor it appears nothing really changes come July and it's business as usual. I simply forgot what the significance was for 7/07 as it related to the gambling act.

[Bill Dozer]

They were going to institute guidelines for measures banks would be required to take to identify and stop gaming transactions. There was a lot of talk about fast-tracking the development of a system that would code ACHs the way credit cards are. Of course banks took a proactive approach to eliminate liability and avoid being required to use costly new procedures.

[bookie]

ACH's?

[Ganchrow]

ACH's?

EFTs in this instance.

[LargeMouthBass]

So we shouldn't rush to get our money out of the offshore books?

[Bill Dozer]

EFTs in this instance.

Right. ACH and EFTs are the same thing.

[Bill Dozer]

So we shouldn't rush to get our money out of the offshore books?

Not because of the so called deadline IMO. Of course, gaming offshore is already much riskier with less access to our money.

[bedada]

Bill what do you mean by less access to our money?

Thanks

[JC]

So we shouldn't rush to get our money out of the offshore books?

Actually you should be sending your money to the books.

[David]

Bill what do you mean by less access to our money?

Thanks

Loss of payment processors (i.e. Neteller).

[SBR_John]

There is also talk that this deadline may be extended.