IMPORTANT INFORMATION REGARDING INTERNET GAMBLING AND YOUR ACCOUNT

The Federal Reserve Regulation GG implements the Unlawful Internet Gambling Enforcement Act (UIGEA) to prevent unlawful internet gambling businesses from utilizing the banking system.  The Act specifically prohibits businesses from knowingly accepting payment in connection with unlawful internet gambling, including payments made through debit or credit cards, electronic fund transfers and checks.  It is the policy of Associated School Employees Credit Union to implement reasonable policies and procedures designed to prevent or prohibit restricted transactions as required by the regulation.

As defined by the regulation, 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.”

ASECU is not required to monitor or determine whether a credit union member is a gambler except that it must ensure that unlawful credit and debit card transactions are blocked.  However, if you do engage in internet gambling, the credit union reserves the right to block any suspected unlawful transactions.  Card networks also have the responsibility to establish policies and procedures to identify and block unlawful transactions.  The credit union will rely on our card providers to block the appropriate transactions on credit union Visa Check (debit) Cards and Mastercard credit cards.  Both lawmakers and card providers recognize the difficulty in identifying unlawful versus lawful internet gambling transactions.  This means that occasionally legitimate gambling transactions, whether internet or non-internet related, may be denied as a result of compliance with this regulation.

The credit union will also perform UIGEA due diligence upon the opening of an account used for the purpose of business or commerce.  Prior to opening a non-consumer account, you may be asked a series of questions related to the use or purpose of your account.  If it is determined that the account will be used in conjunction with any facet of gambling, betting or wagering, including incoming or outgoing payments, the account applicant will be asked to provide appropriate documentation to determine the legal authority to engage in the business.  Regardless, the credit union may, at its sole discretion, refuse to open an account used for the purpose of gambling or gambling related processes.

We remind our members that using your ASECU account to process or engage in any illegal acts, including unlawful internet gambling is strictly prohibited.  Violations may result in the termination of your credit union services or account relationship.

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