Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
Effective June 1, 2010
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”.
As a member of Leominster Credit Union 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 have an existing account with us, we ask that your provide evidence of your legal capacity to do so. For more information please contact us at 800-649-4646 or visit any Leominster Credit Union branch.