UIGEA Fallout: Have Any RGP'rs Received a Letter From Their Bank?
lawh...@hiwaay.net
Betfair article concerning the fast approaching December 1st
compliance deadline for banks and other payment processors to start
blocking deposits and/or payments to "illegal gambling sites" - which
may (or may not) include online poker sites - depending on how your
bank or credit card company interprets the UIGEA compliance rules.
The article mentions that some banks have recently sent letters to
their U.S. customers informing them that they (the bank and/or
financial institution) intend to comply with the rules and regulations
implementing the UIGEA. Presumably this would mean that the bank,
credit card company, or other financial institution intends to no
longer transfer customers' money to suspected online poker sites. So
far, I haven't received such a letter from my bank or credit card
issuer, but I'm curious if anybody who posts on here has received such
a letter? If you have received such a letter, you might share some of
the key verbiage to help us gain a bit of insight on what impact, (if
any), the coming December 1st deadline might entail. Also, I think
there is a lawyer or two (maybe James Hankins or Brewmaster?) who
posts on here, so their views on this approaching December 1st
deadline would be welcome for all us non-lawyer types.
I have a suspicion that the general counsel (top legal officer) of
many of the top banks and financial institutions may be advising their
CEOs and boards to "play it safe" by blocking payments and deposits to
suspected online poker sites until online poker is legalized or the
UIGEA is nullified by the courts. Maybe the legal advice is best
summarized as, "We don't want to alienate or piss off any of our
customers, but we sure don't want to piss off the Government or risk
heavy fines or penalties for non-compliance."
Alan C. Lawhon
Huntsville, Alabama