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Australian Banks Oppose Online Casino Transaction Ban17 March 2003AUSTRALIA – As reported by the Australian IT: "Banking regulations are emerging as a flashpoint in the Federal Government's review of its ban on casino-style online gambling. "Canberra is looking at whether gambling transactions can be invalidated. "But the finance industry is opposing moves to block internet casino credit card transactions, warning that liability issues and difficulties in identifying gaming payments would make them too difficult. "…Banks would struggle to identify gaming transactions, because online casinos often did not use correct industry codes when registering payments, [Australian Bankers' Association director Stephen Carroll] he said. "…Mr Carroll said the ABA was concerned card issuers would be stuck with liability for gambling transactions while `merchant acquirer' banks overseas would escape. "…The government promised amendments to the 2001 Interactive Gambling Act would consider the feasibility of blocking credit card transactions for overseas gambling sites. "It has backed away from introducing such rules, warning there were many problems with that level of regulation, despite several US states introducing such regulations…" |