What is the Unlawful Internet Gambling Enforcement Act?

The Unlawful Internet Gambling Enforcement Act is a federal law enacted in 2006 by the United States government. The act is one of several regulations that address the banking aspect of online gambling. It is designed to prevent gambling transactions from occurring electronically. It prohibits "gambling businesses" from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. In Nebraska, this means that banks are prohibited from processing deposits, withdrawals, and other transactions from individuals doing business with online gambling sites located outside of the United States. The act also prevents banks from processing payments from or to designated foreign financial institutions that permit transactions related to unlawful Internet gambling. All banks in Nebraska must comply with the Unlawful Internet Gambling Enforcement Act and are subject to audits and fines should they fail to do so. The Unlawful Internet Gambling Enforcement Act was intended to stop illegal online gambling from occurring. By prohibiting banks from processing transactions, the government hopes to make it more difficult for people to gamble online, while also reducing the risk of fraud. While it may not entirely stop the activity, it has certainly made it much more difficult to get involved in online gambling.

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What is the Unlawful Internet Gambling Enforcement Act?

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