The UIGEA, signed into law in 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 a 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 Security Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. By maintaining an account or opening a new account with our institution, you agree to notify us if your account is ever used for Internet gambling of any kind, even if you believe the activity to be legal. Our institution will ask that you provide evidence of your legal capacity to do so. If you do not notify us, our institution may terminate your access to various payment methods or close your account.
Please call or stop by the bank to see one of our New Account Representatives if you would like additional information on UIGEA or Regulation GG.