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Effective June 1, 2010 Regulation GG, or the Unlawful Internet Gambling Enforcement Act of 2006 will take effect. |
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 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 Merchants National Bank, these restricted transactions are prohibited from being processed through your account. For additional information or questions regarding Regulation GG or the UIGEA, please contact Merchants National Bank at 937-393-1993 or 1-800-875-1993. |
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