Unlawful Internet Gambling Enforcement Act

The Department of the Treasury and the Federal Reserve Board Issued UIGEA, which "prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling." The final rule requires a strengthened screening process at the time of account opening to deny commercial entities that may be acting as Internet casinos access to the payments system. It also requires that policies and procedures be implemented to prevent all debit and credit card payments to Internet casinos. It does not require that checks, ACH payments or wire transactions related to Internet gambling be monitored or blocked.

 

 Recent Developments

 

There have been no developments within the last six months.

 

 The Basics

 

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Questions?  For more information, contact Rob Rowe.