Quote:
Originally Posted by Elli
I've been seeing some headlines on the news channel tickers lately about visa tightening regulations and the US 'cracking down' on money laundering and easy money transfers. Is that mainstream picking up this story? Or is there more to it?
|
You are probably talking about this (taken from iTalkCash[.]com):
Quote:
New rules has come in place regarding debit pre paid cards, gift cards and reloadable top up cards. The rules, which were mandated by the Credit CARD Act of 2009, require more data collection and reporting from businesses, and some experts say they could make prepaid card buying a challenge for some consumers.
Starting June 28, the public will have 30 days to comment on the rules, which require nonbank prepaid card providers to:
Quote:
File suspicious activity reports (SARs) with the government on suspicious activity of more than $2,000. Suspicious Activities Reports are Treasury Department forms already required of banks, casinos, poker rooms, securities and futures firms and others in the money services business. More than 5.6 million have been filed since they were first mandated in 1996 (see chart). The proposed rule would add nonbank card providers to the ranks of those required to file forms with the government when their suspicions are aroused.
Collect customer information anytime a card is reloaded at someplace other than a bank.
Maintain transaction information.
|
The rule focuses on the following:
Quote:
Don't have the value clearly labeled on them.
Are reloadable at places other than banks.
Can have a maximum lifetime value of more than $1,000, including reloads.
Can be used anywhere -- especially if they can be used internationally.
Can have the value transferred to another card.
Are purchased in large amounts or seem otherwise suspicious.
|
|
Sorry if it was already discussed here. I am a "lazy fucker" and did not read the whole thread, plz forgive me.