The UIGEA, signed into law in 2006, prohibits any person 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 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.
As a client of TMI Trust Company, these restricted transactions are prohibited from being processed through your account or relationship with our institution. If you are engaging in an Internet gambling business and open or maintain an account with us, we will ask that you provide evidence of your legal capacity to do so.