internet Gambling Regulations to be Mandatory June 1, 2010

[jock2007]

This is not good for US players

Internet Gambling Regulations to be Mandatory on June 1, 2010

The six month reprieve on mandatory compliance with the Internet Gambling prohibition ends on June 1, 2010 when all banks must institute policies and procedures to block certain prohibited transactions. It has been more than 17 months since the Department of the Treasury and the Board of Governors first issued the final rule implementing the Unlawful Internet Gambling Enforcement Act (UIGEA) on December 18, 2008 and 42 months since the law was signed in October of 2006. 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. Banks that chose to put off implementation when the mandatory date was delayed must be ready on June 1, 2010. As of this time, the agencies have not produced any examination guidance to assist banks in their compliance efforts.

http://www.gamblingplanet.org/legality_main.php

[crispchris]

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[MrSmooth67]

There is one little problem with this and that is some banks don't have the means or the money to put in place these screening devices to monitor who's who and to where the money is coming or going to... For me it's just going to be a "wait and see approach".I personally don't think all banks are going to keep track of this.