American Banker’s Association Questions the UIGEA Rules
06 January 2009
All the members of the American Banker’s Association have let it be known their concern with the problems and rules on the UIGEA bill, or for the matter the lack of an explanation of the rules. The Bush administration has not given a definition for unlawful Internet Gambling.
The government has not complied with the banks request for clarification, therefore leaving it up to banks to determine the legality.
But there is some good news to all of this. The banks will not be required to meet any of the regulations until December 1st, 2009. By then they are hoping all this will change with the new administration.
The banks will not be liable for payments made by gamblers, because these will be monitored by credit card companies. The banks will only be liable for existing accounts once they receive “factual knowledge” of the accounts use. This is defined when the bank is alerted by a compliance officer.
These actions do not seem to tighten the noose on online casinos, and the repeal of all this messy, expensive, and very ill conceived piece of legislation will be a day we can all relax and party.
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