Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
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 Dept. 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."
As a customer of The State Bank, these restricted transactions are prohibited from being processed through your account. You must not use your account for illegal transactions, for example those prohibited by the Unlawful Internet Gambling Enforcement Act 31 U.S.C. Section 5361 through Section 5367.
Please contact our Compliance Officer for any additional information on UIGEA or Regulation GG.