Columbus, OH — Public comments are being sought by the Department of the Treasury and the Federal Reserve System on proposed regulations to implement the Unlawful Internet Gambling Enforcement Act of 2006.

This rule would require United States financial firms that participate in designated payment systems to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling.

The Unlawful Internet Gambling Enforcement Act prohibits gambling concerns from accepting payments via credit cards, electronic fund transfers, and checks. The act contains a provision that permits account wagering on horse racing under the Interstate Horseracing Act of 1978.

To view the proposed Internet regulations, which should appear in the Federal Register shortly, click here. Comments are due by December 12.