Online Gambling Friendly Bank in Curacao Warned

Giro Bank, one of two online gambling friendly banks in Curacao, has received a letter from its corresponding bank in the US to say that they must either stop doing gaming business or lose the corresponding relationship.

Letters are being sent out to Giro's gaming clients to inform them. Any gaming company using Giro would be wise to have any settlements switched to another bank as soon as possible.

Legislation was passed last October that requires US banking institutions to establish guidelines for monitoring all cash transactions related to online gambling.

It is not known which internet gaming firms might be affected by the Giro matter.  VIP.com and PinnacleSports.com are two major sports betting operations doing business from Curacao.  PinnacleSports.com has stopped taking bets completely from US customers and has not been able to pay all its agents/affiliates residing in the States.

VIP.com has stopped accepting new customers from both the US and Canada.

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Christopher Costigan, Gambling911.com

Originally published March 28, 2007 8:31 am ET