We can’t really make heads or tails of what it says however Reuters dumbs it down for us explaining that the rules require “U.S. financial firms that participate in designated payment systems to establish and implement policies that are reasonably designed to prevent payments to businesses in connection with unlawful Internet gambling.”
Banks have until December 1, 2009 to comply.
As for what constitutes unlawful Internet gambling, the Treasury said: “For purposes of the rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received or otherwise made.”
PPA Chairman and Former Senator Alfonse D’Amato fired back at the Treasury saying, “Today’s action finalizes a truly bad public policy—one that even the banks and Federal regulators called unworkable in Congressional testimony.
“However, the PPA remains optimistic that the new Administration and the new Congress will recognize the failures of UIGEA and will act swiftly in the New Year to overturn this flawed policy.”
Read Haley Hintze’s breakdown on the regulations over at PokerNews.com here.