Independent Community Bankers of America Seek Review of Online Gambling Ban

The Independent Community Bankers of America (ICBA) has voiced their concerns to the U.S. Congress about the online gambling ban.

ICBA is calling for the attention of the Congress to reexamine the provisions that restrict the online gaming industry.

To stop the flow of gambling money, the bill does not allow the use of credit cards and other bank transactions as a form of wages by the gamblers.

ICBA spokesmen said that the bill will deeply overload the U.S payment system likewise monitoring the wagers are impossible.

ICBA through the letter sent to Sen. Richard Shelby, Chairman of Senate Banking Committee, and to Sen. Arlen Specter, Chairman of Senate Judiciary, has urge the Congress to see the responsibilities being carried out by the banks to monitor illegal money laundering and possible terrorism funds.

According to ICBA, the attempt to block gambling funds would not be possible because of the uncoded transactions.

Coded transactions are with the use of credit cards while uncoded transactions are personal checks and electronic payments.

ICBA said that banks may block certain credit card transactions but cannot do the same to uncoded transactions.

ICBA pointed out that if the bill is enacted, the banks will be required to identify and block the transaction between the bank clients and the online gambling companies on a system that it is not intended for that purpose.