If you have a sole proprietor account with Salal, you may soon receive a letter regarding new regulations on Internet gambling. This letter is for your information, and was mailed to meet notification requirements associated with the new regulation, so there’s nothing you need to do.
The Unlawful Internet Gambling Act of 2006 takes effect on June 1,2010, and prohibits any financial institution, including Salal CU, from processing restricted transactions through your account. These “restricted transactions” include, but may not be limited to, transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling. If Salal CU identifies such activity in an account, we may close the account or end the relationship with the account holder.
Exceptions will be made only if the account holder is able to provide the following:
- Evidence of your legal authority to offer online gaming; or
- Third-party certification that your Internet gambling business has controls in place to prevent improper use of the site by minors or from other individuals in other geographic locations where such gambling would be prohibited.
Even those Salal members who do not have a sole proprietorship may be affected. Many companies that process credit and debit card information have already begun implementing processes to meet the new requirements; if, for example, you use your debit card, and a card processor suspects your transaction to be one of the “restricted” types, your transaction may be blocked.
You can read the text of Unlawful Internet Gambling Act of 2006 here. Any questions regarding the regulation or Salal CU’s implementation of it can be directed to Cheryll Viele, Salal Credit Union Compliance Manager, at 206-826-7662 or email@example.com