Unlawful Internet Gambling
U.S. Unlawful Internet Gambling Enforcement Act Notice
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.
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”.
Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through your account or banking relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic funds transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful internet gambling.
“In accordance with the requirements in the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful internet gambling.”
These restricted transactions are prohibited from being processed through your commercial account or banking relationship with us. Bank of New Jersey will not open accounts for customers engaged in any Internet gambling business, including legal Internet gambling businesses.
Please contact Bank of New Jersey at 201-944-8600, for additional information regarding Regulation GG.