Bank Could Become Gaming Cops
9 September 2003
WASHINGTON, DC – As reported by the New York Post: "Banks could be put on the front line in stopping Internet gambling - and they're not happy about it.
"The Senate is considering a bill that would require banks and other financial institutions to block all payments to online betting houses. A similar bill already passed the House, and backers are hoping to send it to the White House before the end of the year.
"But Katherine Pulley, a spokeswoman for the American Bankers Association, said the group is worried that lawmakers are trying to put badges on tellers.
"…One big issue, Pulley added, is that someone could send money to a company called, say, `AMC Funtimes . . . and it could be an online casino. But how do we know?' Many online gaming companies already have been prosecuted under the Interstate Wire Act of
"…Sen. Jon Kyl (R-Ariz.), who introduced the Senate version of the bill, said cutting off the bets is the only way to put the companies out of business…"