Unlawful Internet Gambling Enforcement Act - Reg GG, 3/01/2013
The U.S. Department of the Treasury and the Federal Reserve Bank Board (Agencies) have issued a joint final rule to implement the Unlawful Internet Gambling Enforcement Act (the "Act"). The Act "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." Regulation GG implements the Act and requires financial institutions to establish written policies and procedures that are reasonably designed to identify and block (or otherwise prevent or prohibit) restricted transactions for Internet gambling.
For purposes of this regulation, "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 Bank of the Carolinas customer, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you open a new account with us and do engage in an Internet gambling business, we will ask that you provide evidence of your legal authority to do so.
Please see one of our branch associates if you would like additional information on UIGEA or Regulation GG.