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Notice to Members with Business Accounts

Certain transactions are prohibited from being processed through your account with ABCO Federal Credit Union under the Unlawful Internet Gambling Enforcement Act of 2006.  The federal government requires us to inform our commercial account holders of this restriction.

Unlawful internet gambling means to place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use of the internet where such a bet or wager is unlawful under any applicable Federal or State law in which the transaction is initiated, received or otherwise made.

Restricted transactions means  any of the following transactions or transmittals involving any credit, funds, instrument, or proceeds initiated by any person engaged in the business of betting or wagering or knowingly accepting of same in connection with the participation of another person in unlawful internet gambling.

  • Credit or the proceeds of credit, extended to or on behalf of such person (including credit extended through the use of a credit card);
  • An electronic fund transfer or  the proceeds of an electronic fund transfer or money transmitting service from or on behalf of such other person; or
  • Any check, draft or similar instrument that is drawn by or on behalf of such other person and is drawn on or payable at or through any financial institution.

Internet gambling will generally be deemed unlawful unless expressly authorized by a license issued by an appropriate State or Tribal authority.  As a member of ABCO Federal Credit Union these restricted transactions are prohibited from being processed through your account.  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.

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