The Unlawful Internet Gambling Enforcement Act prohibits any person engaged in the business of betting or wagering (as defined by 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. Banks are required to comply with this Act beginning December 1, 2009.
As defined by 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." These types of transactions are considered restricted transactions and are prohibited.
As a customer of Marquette Savings Bank you should be aware of the following:
- These restricted transactions are prohibited from being processed through your account or banking relationship with us.
- Restricted transactions involving an ATM/Debit Card, ACH transfer, Wire Transfers or Bill Payment are prohibited.
- If you engage in an Internet Gambling business and open a new commercial account with us, we will require you provide evidence of your legal capacity to do so, prior to establishing the new account.
Please contact our Compliance Department at 1-866-MSB-ERIE (1-866-672-3743) if you would like additional information on these prohibited transactions.