Well I can tell you right now that 95% of transactions in the banking system will NOT be able to be identified as gambling systematically.
I worked as an IT guy in the financial transaction exchange system for about 12 years, and transactions in the ACH and SWIFT systems have no fields at all for an ACTIVITY CODE.
(credit cards have a merchant code – which defines the principal business ot the transaction – which is how they were able to do it).
So even if the American banks (and government) want to add this field to international standards – they’ll hav to lobby for it – it will have to be approved – and there will be an extended period of grace for compliance.
Based on previous projects it would not surprise me if it took 3-5 years before a change to the standard was accepted and maybe even double that before everyone complies.
Basically, every institution would have to start working on systems to capture this information at the point of the transaction an move it through – it’s a significant job, and one that international banks would have no real priority to do.
And this is an international solution thats requried as due to oppressive laws I don’t beleive that any Casinos or Poker rooms dare set foot in the United States.
:rollover:
Summary :
I’m sure that that can figure out HOW to do it in 270 days. Probably in 30 days.
But to get it implemented accurately around the world banking systems will take 5+ years at least … and I wouldn’t be surprised to see Caribean countries take as long as possible.
:rollover: