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Compliance Officers Still Questioning SARs, Blocked Transactions for UIGEA Programs
By Brian Monroe
printU.S. banks are still fine tuning policies on when to report suspicious activity and reject transactions tied to online gambling after the passing of a June 1 enforcement deadline. Lawmakers banned online betting in October 2006 under the Unlawful Internet Gambling Enforcement Act (UIGEA), a law that at least 66 congressional representatives have attempted to overturn. The law, which went into effect this month after a 6-month deadline extension, requires banks to monitor for and block transactions tied to illegal online gambling sites. But while financial institutions have been privy to the U.S. Treasury Department's rules on the law since...
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