What is the Unlawful Internet Gambling Enforcement Act?

The Unlawful Internet Gambling Enforcement Act (UIGEA) is a federal law which was passed in 2006. It regulates online gambling by making it illegal for financial institutions to process payments related to online gambling. This law was enacted in response to an increase in online gambling activity by US residents. UIGEA was designed to prevent funds from being transferred from a US based bank account to an online gambling site. The law prohibits banks from knowingly allowing transactions related to unlawful internet gambling. The UIGEA also prevents financial institutions from knowingly accepting payments related to unlawful internet gambling. The UIGEA defines unlawful internet gambling as engaging in any type of betting or wagering that involves the use of the internet and may be conducted from any US state or location outside the US. This includes online casinos, sports betting, bingo, and lottery games. In Alaska, UIGEA applies to financial institutions operating in the state and any banks that are providing financial services to Alaska residents. Financial institutions are required to establish and maintain compliance with the UIGEA in order to ensure that unlawful internet gambling activities do not take place. Banks must also implement measures to ensure they are not knowingly accepting payments related to unlawful internet gambling.

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What is the Unlawful Internet Gambling Enforcement Act?

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