What is the Unlawful Internet Gambling Enforcement Act?

The Unlawful Internet Gambling Enforcement Act (UIGEA) is a federal law passed in 2006 that makes it illegal for banks and other financial institutions to process payments for unlawful internet gambling. The intent of the UIGEA is to help ensure that the revenue generated from online gambling activities is not laundered or used to finance terrorism. In Hawaii, the UIGEA prohibits banks and financial institutions from accepting deposits from or making payments to online casinos, sportsbooks, and other gambling sites. The law does not make online gambling illegal. However, any payments that banks and other financial institutions process on behalf of online gambling sites can be subject to fines and criminal penalties. The UIGEA also requires banks and other financial institutions to report suspicious transactions that could be associated with online gambling activities. To help prevent money laundering and other financial crimes, banks must also verify the identity of online gambling customers before accepting their deposits. Overall, the UIGEA is designed to protect the public by making it harder for criminals to use the banking system to facilitate illegal activities. To comply with the law, banks and other financial institutions must adopt policies and procedures designed to identify and prevent transactions related to online gambling.

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What is the Unlawful Internet Gambling Enforcement Act?

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