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UIGEA compliance date delayed until June 2010
- 11-25-2009
With less than a week left before the implementation of the UIGEA rules, several online gaming news sites have reported that the December 1st compliance date for the UIGEA rules has been delayed for another six months.
The UIGEA was officially passed and signed in the final days of the Bush administration and was expected to go into effect on December 1, 2009. According to the UIGEA Rules, all banks, credit card companies and other financial institutions will have to block transactions related to "illegal" gambling operations, including online casinos, poker rooms and sportsbetting sites.
Several groups, including the Poker Player Alliance, banking industry representatives and politicians sent letters to U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke recommending them to postpone the mandatory compliance date fixed on December 1st.
The final confirmation of a six-month delay had not yet been issued, however, Geithner and Bernanke have until next Tuesday to make a formal statement. Now rather than going into effect on December 1st, the new deadline for implementing the regulations will be June 1, 2010. In addition, several sources have also informed that an option for an additional delay was granted in case all issues related to the UIGEA are not fully debated and resolved by June, 2010.
The UIGEA was officially passed and signed in the final days of the Bush administration and was expected to go into effect on December 1, 2009. According to the UIGEA Rules, all banks, credit card companies and other financial institutions will have to block transactions related to "illegal" gambling operations, including online casinos, poker rooms and sportsbetting sites.
Several groups, including the Poker Player Alliance, banking industry representatives and politicians sent letters to U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke recommending them to postpone the mandatory compliance date fixed on December 1st.
The final confirmation of a six-month delay had not yet been issued, however, Geithner and Bernanke have until next Tuesday to make a formal statement. Now rather than going into effect on December 1st, the new deadline for implementing the regulations will be June 1, 2010. In addition, several sources have also informed that an option for an additional delay was granted in case all issues related to the UIGEA are not fully debated and resolved by June, 2010.