Unlawful Internet Gambling Enforcement Act (UIGEA)
The UIGEA, signed into law in 2006, prohibits our members who have a business account with us to engage in 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 the Treasury and The Federal Reserve Board have issued a final rule, Regulation GG, to implement this act.
As defined in Reg. 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 Ed-Med Federal Credit Union, these restricted transactions are prohibited from being processed through your business account. 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 us at (315) 393-2873 with any questions.