Treasury and Fed finalize UIGEA regs
Big news for poker players out of Washington today – the Fed and Treasury announced that they’re done with the regulations they were assigned to write for the UIGEA two Octobers ago.
There are a couple of important points for poker players to note. First, nothing about the regulations appears to apply to cashouts – only deposits. Second, banks have until December 1st, 2009 to comply with the regulations.
The PPA expressed disappointment in the decision, but voiced hope that a new administartion would quickly reverse the move. “The PPA remains optimistic that the new administration and the new Congress will recognize the failures of the UIGEA and will act swiftly in the new year to overturn this flawed policy,” said PPA head Alphonse D’Amato.
Here’s the full PPA statement.
Here’s the statement released by the agencies:
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The Department of the Treasury and the Federal Reserve Board today announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.
The Board and the Treasury are required by the Act to develop a joint rule in consultation with the Department of Justice. The final rule requires U.S. financial firms that participate in designated payment systems to establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling. The rule provides non-exclusive examples of such policies and procedures and sets out the regulatory enforcement framework. For purposes of the rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received, or otherwise made.
Compliance with the rule is required by December 1, 2009.
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