Regulation GG & Unlawful Internet Gambling Enforcement Act
Notice of Prohibited Transactions
The 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. The Department of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. Banks are required to comply with the Act beginning June 1, 2010.
In accordance with this requirement we are required to inform you that restricted transactions as described below are prohibited from being processed through any Gateway Bank, FSB account or relationship.
Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.
As defined in Regulation GG, unlawful internet gambling means to “place, receive or otherwise knowingly transmit 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.”
Please contact your Gateway Bank regarding questions about this or other disclosures.