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Proposal Implementing Internet Gambling Law Increases Regulatory Burden
By Brian Monroe
printBanks, money transmitters and credit card operators will have to block any illegal online gambling payments made by the third-party processors, correspondent banks and foreign financial institutions they do business with under new rules proposed Monday by federal regulators. The proposal, issued by the U.S. Treasury Department and Federal Reserve, implements the Unlawful Internet Gambling Enforcement Act. That act, which took effect in October, prohibits financial institutions from "knowingly" processing transactions from online gaming sites. The deadline for comments on the proposal is December 12. When Congress passed the law last year, it stated that implementing regulations would follow in...
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