Gambling Enforcement Act
Unlawful Internet Gambling Enforcement Act (UIGEA) of
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 payment in
connection with the participation of another person in unlawful internet
gambling. The Dept of Treasury and the Federal Reserve Board have
issued a joint final rule, Regulation GG, to implement the 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 in 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 customer of The Stock Exchange Bank,
these restricted transactions are prohibited from being processed
through your account or banking relationship with us. If you do
engage in an internet gambling business and open a new account with us,
we will ask that you provide evidence of your legal capacity to do so.
Please see one of our customer service
specialist if you would like additional information on UIGEA or