Compliance 12/1/09

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.

http://www.federalreserve.gov/newsev...20081112a1.pdf

THANK YOU REPUBLICAN PARTY. (and doyle brunson)

FWIW

"Moreover, the Act already provides for a course of action if government entities are aware of an unlawful Internet gambling website. The Act provides a procedure pursuant to which the U.S. Attorney General, State attorneys general, or other appropriate State officials may institute proceedings to have an unlawful Internet gambling website removed by the interactive computer service that provides access to that website."

page 6

What does this mean? Can the US players still play and withdraw? Will the banks accept checks from these sites?

FFFFFFFFFFFFFFFAAAAAAAAAAAAAAAKKKKKKKKKKKKKKKKKKKK K

Wow just starting to read it, but our voices were heard:

so basically from Jan 09' american's can no longer play online poker legally?

What party has control of Congress currently???

Still reading, but there's a few things of hope:

If they actually did this, that's a victory. And FWIW it seems like they gave a lot of thought to the comments made.

LOL at NVGers playing lawyer.

if this is the bottom line this is seriously f****d. I'd be in shock but I'm not in the USA, still sucks though. WTF

dang democrats do imo

The way I read it initially, compliance of the UIGEA has to be done by Dec. 1, 2009. I'm sure others will elaborate.

I just called my uncle Hyman in Israel. He's got a place for me to stay in Haifa. Already booked my El Al flight Jan 18, 2009.

GG US