01-10-2007 US Treasury and Federal Reserve propose UIGEA rules

The joint proposed rule requires banks, credit card systems and money transmitting businesses to establish policies and procedures to identify and prevent internet gambling transactions, although it does not specify which gambling activities are illegal since UIGE Act itself defers to underlying state and federal gambling laws to determine illegal transactions.

The proposal will be subject to revision after public comments end December 12.
To read the full proposal, click here.