UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT (UIGEA)
Notice to All Business Accounts
The Unlawful Internet Gambling Enforcement Act (UIGEA), signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful internet gambling.
Regulation GG implements the Unlawful Internet Gambling Enforcement Act of 2006. The act prohibits any person engaged in the business of betting or wagering (as defined in the act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. Such transactions are termed “restricted transactions.” The act generally defines “unlawful Internet gambling” as placing, receiving, or otherwise knowingly transmitting a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable federal or state law in the state or tribal lands in which the bet or wager is initiated, received, or otherwise made.
As a Member of Citizens Federal Credit Union, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage as an internet gambling business and open a new account with us, we will ask you to provide evidence of your legal capacity to do so. Please contact us at 800-248-2328 if you would like additional information on UIGEA or Regulation GG.