Quote:
Originally Posted by Rev. Bob
Would those "onerous rules" be the ones that prevent the issuing company from (a) declaring a gift card "expired" and refusing to honor it and/or (b) deducting a monthly "service fee" from the card's value?
Because I have to say, I'm rather a fan of those rules.
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Sorry I have no idea what you are talking about as such things have nothing to do with the potential use of cards for money laundering. Perhaps you are just being sarcastic due to some other personal gripe you have with a card issuer(s)?
The Treasury rules, to the extent I am familiar with them, are along the lines of issuers being required to maintain long term records related to preserving traceability of cards, reporting of excessive purchases of cards by any one person or entity, etc., etc. So similar to rules for other negotiable instruments that exist worldwide and have done so for many years (e.g. the example I gave, the controls on sending convertible instruments such as debit cards, cash, titles, etc., and presumably gift cards, through the post).