FinCEN may regulate online gambling
New regulation signed by the financial department of USA that exempts all land-based casinos from transaction reports, that are necessary for transactions on over $10,000, on jackpots, slot machines and other electronic gaming devices. This regulation is very significant, because it shows that the Financial Crimes Enforcement Network (FinCEN) plays the main role in the regulation of financial transactions including casino activity in USA.
The Internet Gambling Regulation and Enforcement Act, recently introduced by Congressman Barney Frank , assigns FinCEN the responsibility to protect consumers and financial system from online gambling abuses by adding online gambling licensing.
It is known that FinCEN regulates all financial transactions of land-based casinos, so it has a sense to expand its role on online gambling.
FinCEN by its latest regulation confirmed its authority role in the financial transactions of all land-based casinos, moreover FinCEN is a financial institute including all financial transactions of USA.
