Circular
Agencies Issue Final Rule to Implement Unlawful Internet Gambling Enforcement Act
November 13, 2008
Circular No. 12027

The Department of the Treasury and the Federal Reserve Board have 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.

See the press release for full details.

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