The Unlawful Internet Gambling Enforcement Act (UIGEA) (Reg GG) was signed into law in 2006 and focuses on denying commercial customers that operate online gambling entities access to bank accounts. By denying them access to bank accounts, they are being denied access to the payments system, meeting the intent of the law.

The course concentrates on commercial account opening and the steps necessary to assess the risk of unlawful Internet gambling transactions being conducted through a commercial loan or deposit account. Other portions of the course outline requirements associated with blocking restricted transactions conducted with debit and credit cards, providing notice to commercial account holders, and crafting an action plan for banks that discover UIGEA violations.

The law is implemented through Federal Reserve Regulation GG. The final rules were effective December 1, 2009, but compliance is not mandatory until June 1, 2010.

All Frontline Compliance employees who open commercial accounts (deposit or loan) or who answer customer questions concerning debit or credit card transactions.

After completing this course, students will be able to explain the following as it applies to your financial institution:

• UIGEA requirements related to new account screening for unlawful Internet gambling

• UIGEA card transaction policies as they relate to unlawful Internet gambling

• UIGEA remedial action policy requirements when unlawful Internet gambling transactions are discovered

• UIGEA options for notifying commercial customers of restricted transactions prohibited under the act