This Act prohibits any person engaged in the business of betting, as defined, from knowingly accepting credit, electronic fund transfers, checks, or any other payment involving a financial institution to settle unlawful internet gambling debts. The Treasury Department and the Federal Reserve Board must develop jointly and prescribe regulations requiring payment systems to identify and block or otherwise prevent or prohibit the acceptance of payment for internet gambling transactions. The FTC enforces the Act and regulations with respect to payment systems and financial transaction providers not specifically assigned to other agencies under GLB or the Commodities Exchange Act.
For more information, see here: https://www.ftc.gov/legal-library/browse/statutes/unlawful-internet-gamb...
These materials were obtained directly from the Federal Government public website and are posted here for your review and reference only. No Claim to Original U.S. Government Works. This may not be the most recent version. The U.S. Government may have more current information. We make no guarantees or warranties about the accuracy or completeness of this information, or the information linked to. Please check the linked sources directly.