Quote:
Originally Posted by Xegete
That's simply not true. There is nothing in the UIGEA that prohibits U.S. banks from processing deposits onto online poker sites. The UIGEA merely requires U.S. banks to keep records of these deposits. Most U.S. banks, being risk averse, decided they didn't want to keep such records, which is why the major poker sites shut down on Black Friday were engaging in massive bank fraud.
Unlawful Internet Gambling Enforcement Act (UIGEA)/Regulation GG
The Unlawful Internet Gambling Enforcement Act (UIGEA), signed into law in 2006 (mandatory effective date of June 1, 2010, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Department of the Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As defined in Regulation GG, unlawful Internet gambling means to "place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in which the bet or wager is initiated, received or otherwise made".
Restricted transactions are prohibited from being processed through your account or banking relationship with us if your account is considered a commercial account. Commercial accounts are defined as any account that is not a consumer customer. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling. Banks are required to block unlawful Internet gambling debit and credit card transactions.