Hearing On UIGEA Highlights Compliance Burden

3 Apr, 2008 / GamblingCompliance Ltd. / Andrew Gellatly

America’s mid-sized banks face a doubling of their compliance costs as a result of the Unlawful Internet Gambling Enforcement Act, according to experts from the financial services industry who testified yesterday in Washington at a Congressional hearing. The 2006 UIGE Act may impose new responsibilities even greater than those of the Bank Secrecy Act, and may still not prove to be effective, according to witnesses.