REGULATION GG - RESTRICTED TRANSACTIONS
The Unlawful Internet Gambling Enforcement Act of 2006
The Unlawful Internet Gambling Enforcement Act, signed into law in 2006, 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 June 1, 2010.
As defined by Regulation GG, unlawful internet gambling means to "place, receive or otherwise knowingly transmit a bet or wage 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 Commonwealth Business Bank you should be aware of the following:
- CBB Bank will not knowingly open an account for a business that primarily engages in gambling via the Internet.
- Restricted transactions are prohibited from being processed through your account or banking relationship with us.
- In the event we gain actual knowledge that a commercial account has processed restricted transactions or engages in Internet gambling activity, we may elect to close the account.