UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT (UIGEA)
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”.
As a member of Priority First Federal Credit Union, 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.
Please contact Priority First Federal Credit Union 364 Midway Drive, DuBois, PA 15801 or call at 814-371-4817 if you would like additional information on UIGEA or Regulation GG.