Thread Starter: Anonymous
Title: Re: UIGEA - spout off!
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I need to vent! Confession: I'm a little behind. I managed to get some of the UIGEA requirements in place, ask new commercial customers if engaged in internet gambling and notice to existing commercial customers. I have a half baked policy and procedures developed. I've read through the requirements and I think it is just plain stupid. Maybe I'm missing something, but this just seems like a waste of time. Ok, so we ask a customer, and depend on our card provider to code. And this is suppose to accomplish what? I'm also having trouble understanding just how the bank is suppose to catch illegal transactions. So, that is translating to how do you write a policy for something so vague? Ok, follow the OCC guidance, and interagency, etc.... It still seems like a waste of time.
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