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big brotherOnline Gambling: The UIGEA Goes Into Effect December 1, 2009

 

 


 
 



written October 30, 2009 by Kenneth Weitzner
 
The UIGEA (Unlawful Internet Gambling Enforcement Act) technically goes into effect in just a few days. Many gamblers have asked what does this mean? The answer is rather simple. Banks are required to enforce this law and not process any gambling related transactions. If your bank suspects that an incoming wire or check is from an Online gambling site, they are supposed to report this and not process the transaction.

I don't believe that December 1st will have an impact on what's already been happening ever since this law was passed in April of 2007.

Many banks have already been trying to "police" this type of activity, so the fear of anything drastic happening is unwarranted.

Because of the sheer volume of transactions that pass through banks daily, it's� virtually impossible for many of them to detect a gambling related transaction from others .

Furthermore, many operators have figured out safer methods to protect their customers.

I strongly suggest that gamblers discuss this matter with their online sports book. They are your Friends, whereas your bank really is not..

To date, I don't know of anyone who has been indicted because they have/had an online gambling account.

Here is what someone who works at a bank had to say about this matter:

http://forumserver.twoplustwo.com/57/poker-legislation/december-1st-my-opinion-617879/index2.html

"Basically the only thing this bill does, honestly, is puts regulation on Bank's to ensure they are not opening accounts for unlawful commercial accounts related to online gambling.
 
As far as I know most of us have individual accounts do we not? If you don't, get one, simple. I do recommend small community Bank's as well.... especially ones with small or no audit departments.
 
I work at a Bank with a small audit department, including myself there is only 3 people working in the audit department, and really........... just after reading the bill I am not worried at all. Oh, and I can also say that most Bank's in town do not even have an internal audit department... and a small community credit union? No way.
It would suck losing the credit card as a deposit method, but there is ways around that too. Not worried."


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