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The final regulations

The final regulations (termed the "Final Rule") were finalized and released November 12, 2008, and came into effect on January 19, 2009, the day before the Obama administration took office.[15] Compliance was not required until December 1, 2009, in order to give the "non-exempt participants" an opportunity to implement the necessary safeguards and procedures. Act details[edit]According to the overview posted on the FDIC website,

the act prohibits

the act prohibits gambling businesses from "restricted transactions". Restricted transactions involve gambling businesses when they knowingly accept payments from another person in a bet or wager on the internet. It also requires that the Treasury and Federal Reserve Board with consultation of the Attorney General to promulgate regulations requiring certain participants in payment systems that could be used for unlawful Internet gambling to have policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit the processing of restricted transactions.

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