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Notice to Commercial Account Holders at Bank of Montana
This is a notice to commercial account holders at Bank of Montana regarding the Unlawful Internet Gambling Enforcement Act of 2006.
The Act prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law (termed “restricted transactions” in the Act).
A joint rule has been issued by Treasury and the Federal Reserve Board that designates five payment systems as covered by the Act. The designated payment systems are (i) automated clearing house (ACH) systems, (ii) card systems, (iii) check collection systems, (iv) money transmitting businesses, and (v) wire transfer systems.
Bank of Montana has to established policies and procedures that are reasonably designed to identify and block or otherwise prevent or prohibit the above referenced restricted transactions.