The UIGEA as passed last year prohibits financial firms from knowingly making transaction to and from online gambling casinos. The DoJ proposal would require U.S. financial firms to implement policies and procedures that are designed to prevent payments being made to illegal online gambling operations. This includes payments made through credit cards, electronic funds transfers and checks. According to a press release from the Federal Reserve Board, the proposed rule will provide examples of the policies and procedures financial firms will have to put in place.
Under the UIGEA, the Department of Justice and the Board of Governors must develop the proposed rule. In accordance with the requirements of the UIGEA, the proposed rules from the two agencies designated certain payment systems that could be used in connection with the unlawful Internet gambling transactions restricted by the UIGEA. Participants in designated payment systems will need to establish policies and procedures to identify and block transaction in connection with online gambling. However, the ruling also exempts certain participants in designated payment systems from the requirements.
The proposed rule describes the types of policies and procedures that non-exempt participants in each type of designated payment system may adopt in order to comply with the UIGEA. This includes non-exclusive examples of policies and procedures which would be deemed to be reasonably designed to prevent or prohibit the restricted online gambling transactions.
The rules being proposed by the Board and the Treasury do not specify which gambling activities or transactions are legal or illegal. The way the UIGEA is set up, it defers to the underlying state and federal gambling laws in regards to what is legal.
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