Unlawful Internet Gambling Enforcement Act (IGEA) Policy
1) 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 FIRST NATIONAL BANK OF BANGOR,
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.
2) Unlawful Internet Gambling Notice:
Restricted transactions as defined in Federal Reserve Regulation GG
are prohibited from being processed through this account or
relationship. Restricted transactions generally include, but are not
limited to, those in which credit, electronic fund transfers,
checks, or drafts are knowingly accepted by gambling businesses in
connection with the participation by others in unlawful Internet
gambling.
3) "In accordance with the requirements of
the Unlawful Internet Gambling Enforcement Act of 2006 and
Regulation GG, this notification is to inform you that restricted
transactions are prohibited from being processed through your
account or relationship with our institution. Restricted
transactions are transactions in which a person accepts credit,
funds, instruments or other proceeds from another person in
connection with unlawful Internet gambling."