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Bush Administration Finalizes Internet Gambling Rules
printFederal regulators finalized rules Wednesday on how financial institutions should monitor and prohibit transactions involving illegal Internet gambling operations. The new rules, issued jointly by the Federal Reserve Board and the U.S. Treasury Department, implement the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) and finalize the agencies proposed rulemaking issued in October 2007. Under the final rules, financial institutions involved with certain designated payment systems are required to develop and implement written policies and procedures to block transactions involving illegal Internet gambling. The final rule also contains a subsection on due diligence procedures for account openings to spot risks...
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