A crackdown on so-called money mules and behaviour that banks believe may be suspicious has led to a rise in those have had current accounts closed with little warning or explanation. Banks may freeze bank accounts if they suspect illegal activity such as money laundering, terrorist financing, or writing bad checks. Creditors can seek judgment against you which can lead a bank. Coming from a family of casino enthusiasts, Thomas was practically born into the industry. He has the knowledge, but he also knows Bank Closed My Account For Gambling the importance of giving readers the facts.
Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
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.
Bank Closed My Account For Gambling Money
As defined in Regulation GG, unlawful Internet gambling means to 'place, receive or otherwise knowingly transmit a bet or wage by any means which involves the use, at least in part, of the internet where such a bet or wage 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'.
Bank Closed My Account For Gambling No Deposit
As a customer of First State Bank, 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.