Unlawful Internet Gambling Enforcement Act

The Unlawful Internet Gambling Enforcement Act ("UIGEA" or "Act") prohibits any entity engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of a person in unlawful Internet gambling. Such transactions are termed "restricted transactions." Federal Reserve Regulation GG implements the Act, effective June 1, 2010.

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."

As a client of American Perspective Bank, these restricted transactions are prohibited from being processed through your commercial 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 see one of our Personal Bankers if you would like additional information on UIGEA or Regulation GG.