Unlawful Internet Gambling Enforcement Act (UIGEA) requirements:
The Unlawful Internet Gambling Enforcement Act (UIGEA) of 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 or tribal lands in which the bet or wager is initiated, received or otherwise made”.
Please be advised that as a customer of Bank of Forest, unlawful Internet gambling transactions are prohibited from being processed through your account or banking relationship with us.
Bank of Forest will not open accounts for customers engaging in any Internet Gambling Business. In the event the Bank receives knowledge that a customer is engaged in this type business, the bank will close the commercial account.
Please contact Bank of Forest if you would like any further information concerning UIGEA or Regulation GG.