UIGEA Deadline Is Approaching
17 November 2009
Looks like the time is coming for an impossible law to come into effect that will put terrible hardships on banks in this country! We are hoping it will get postponed, but time is getting short.
In a couple of weeks financial institutions will be obligated to abide by the UIGEA regulations. It appears unlikely that a motion by Barney Frank and over 50 co-sponsors to postpone mandatory compliance to UIGEA regulations for a year will pass the House, so banks are getting their ducks in a row and are preparing to offer due diligence as is required under the UIGEA.
Some bettors they have received a notice with their bank statements the last month or so relating to internet gambling. The wording is slightly different for each bank, but the points being are similar. The following was the exact wording on a statement from a larger Midwest bank. The name of the bank is being withheld so as not to promote them.
“As a (fill in the blank) customer, we’d like to inform you that in accordance with the requirements of the Unlawful Gambling Enforcement Act of 2006 and Regulation GG, certain transactions are prohibited from being processed through your account
Prohibited transactions include those in which a person accepts credit, funds, or other proceeds from another person in connection with unlawful internet gambling. If you have any questions or concerns regarding this regulation, please contact us.”
Read the full story here.