The UIGEA 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 the 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 in the State or Tribal lands in which the bet or wager is initiated, received or otherwise made.”
These restricted transactions are prohibited from being processed through any Alpha Bank UK commercial clients’ accounts or banking relationships. Commercial clients who do engage in an internet gambling business and want to open an account will be asked to provide evidence of their legal capacity to do so.
Please call us at 702-406-2643 if you would like more information on UIGEA or Regulation GG.