Agencies Issue Final Rule to Implement UIGEA
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.
Thoughts
So basically in another 6-9months online poker in the US is going to be very hard making it even more tougher in the games as the fresh money brought into the games by fish,regular hobbyist's,casual players are not going to go to the great lengths that most US pros are going to have to go too.
Back to PartyPoker soon me thinks.
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