Interesting news from the States that may have a knock-on effect...

Interesting news from the States that may have a knock-on effect...

6 posts
28 April 2014
anthonyh
Photographer
anthonyh
Maybe if all those who buy / watch porn decide to switch away from said banks this will end this little discrimination.

Seeing as porn is one of the big entertainment industries in the USA one wonders what goes on in the minds of some Yanks...apart from wondering what part of the world to interfere in next!

Posted 28 April 2014
RedChecker
Photographer
RedChecker
It's the knock-on effect that's a concern....

- What if it spreads to other banks in other countries?
- What if it includes milder forms of businesses that revolve around nudity etc. (eg. fetish wear, art prints etc.)?
- What if it affected sites like this? (many would argue that much of what goes on here is pornographic).


Yes, there's a lot of what-ifs, but it's still somewhat worrying and not necessarily 100% US driven as only recently China has been having a clamp-down on sex-related material & services and to comply on an international level the banks may simply adhere to as many local laws as posible to enable free trade/transfer of money with as little agro as possible.

Posted 28 April 2014
HowardJ
Photographer
HowardJ
I wouldn't worry about it. Someone will sue them and claim the US constitution protects them and it'll blow over.

Posted 28 April 2014
DorsetHammer
Photographer
DorsetHammer
It has nothing to do with pornography per se, it's the way that certain aspects of the industry conduct their online business.

This has its roots in an article produced by the FDIC (Federal Deposit Insurance Corporation) in September 2011 on managing risks in third party relationships where they identified businesss which, in their words, "should be considered “high risk.” These disreputable merchants use payment processors to charge consumers for questionable or fraudulent goods and services."

They listed thirty businesses which were suspected of being responsible for disreputable services or slightly unethical trading patterns (nothing to do with nudity at all)

Ammunition Sales
Cable Box De-scramblers
Coin Dealers
Credit Card Schemes
Credit Repair Services
Dating Services
Debt Consolidation Scams
Drug Paraphernalia
Escort Services
Firearms Sales
Fireworks Sales
Get Rich Products
Government Grants
Home-Based Charities
Life-Time Guarantees
Life-Time Memberships
Lottery Sales
Mailing Lists/Personal Info
Money Transfer Networks
On-line Gambling
PayDay Loans
Pharmaceutical Sales
Ponzi Schemes
Pornography
Pyramid-Type Sales
Racist Materials
Surveillance Equipment
Telemarketing
Tobacco Sales
Travel Clubs

Some people in the States have taken this to be the thin end of a right-wing evangelical crusade against pornography but this was actually initiated by consumer complaints about being ripped off. If you look at the list, a lot of those 'high risk' areas are often involved in some form of counterfeiting and/or money laundering schemes and well known unlicensed activities (tobacco, lotteries and online gambling). Now whilst a few adult performers may be feeling they have been targetted for their choice of profession what is clear is that banks have been told to act on complaints from customers and have the right to terminate their business elationship whether corporate or indvidual. There is also a system set up of monitoring complaints about specific online

I would have thought that the ability to complain about rogue traders and to have those complaints proven actually shows consumer protection is in play and the FDIC guidance on dealing with 'high risk' areas contains a lot of recommendations that are similar to our own 2007 Money Laundering Regulations. To give the FDIC some kudos the general response to the 2007 regs in the U.K has been laughable with only the usual suspects targetted i.e motor car dealers, jewellers and carousel schemes - the latter being one area where the U.K is undoubtedly european champions.


Posted 29 April 2014
OldMaster
Photographer
OldMaster
The yanks never cease to amaze me....the land of the free, eh....and lets play god! This seems totally pathetic!! I guess they think it is a soft target compared to the drugs barons whose money and accounts I am sure they are keen to hang on to...and do they really think closing someone's account will stop them being a porn star? Others will be keen to look after their money even if it goes abroad? I just get sick of their hypocrisy. Can you imagine what it would cost to investigate every case and administrate this!

Beyond "You couldn't make it up" by a country mile....!

Posted 29 April 2014
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