The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban internet gambling, reports the Associated Press. The two agencies said that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year. The delayed rules would curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks, or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce, because they did not offer a clear definition of what constitutes internet gambling. They had sought a 12-month delay in implementing provisions of the Unlawful Internet Gambling Enforcement Act, which Congress passed in 2006. The Bush administration issued regulations to enforce the law in November 2008 and had set Dec. 1, 2009, as the date financial institutions would have to begin complying…

Click here for the full story

About the Author:

eSchool News


Add your opinion to the discussion.