Regulations
Beneficial Ownership
Beneficial Ownership is a requirement from the Financial Crimes Enforcement Network (FinCEN), under the Bank Secrecy Act, which mandates all covered financial institutions collect and verify from certain non-exempt legal entities specific information about the beneficial owners of the entity at the time a new account is opened. The intent of the Beneficial Ownership Rule is to assist authorities in counteracting money laundering, tax evasion, and other financial crimes. FinCEN requires all financial institutions to begin collecting the required information for new accounts opened no later than May 11, 2018.
The Internet Gambling Enforcement Act of 2006 (Reg. G G), Prohibiting Commercial Members from receiving deposits or other credits relating to an Operation of an Illegal Gambling Business
IRCO Community Federal Credit Union is required to comply with the provisions of the Unlawful Internet Gambling Enforcement Act (UIGEA) and Regulation GG. This notification is to inform our Members that restricted transactions, as defined under the UIGEA, are prohibited from being processed through your account or relationship with us. Restricted transactions include transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with Unlawful Internet Gambling. By maintaining an IRCO Community Federal Credit Union account, you agree not to use your account, access device, or any services made available to you for Unlawful Internet Gambling or other illegal activities. We may terminate your account relationship if you engage in unlawful Internet gambling or other illegal activities
Under the Federal rules, IRCO Community Federal Credit Union must have policies and procedures in place to block transactions that finance internet gambling by credit and debit cards. IRCO Community Federal Credit Union must screen commercial members at the time of an account opening to establish the level of risk that the new account holders might be for participating in restricted activities. When IRCO receives a report from law enforcement or regulatory agency that an account is processing restricted transactions, we must first determine whether the transactions are legal or illegal, and if illegal, take appropriate actions (such as closing the account or restricting access to certain payment systems, for example). Federal Credit Unions are required to notify their commercial members that Illegal Internet Gambling transactions are prohibited and cannot be processed through the credit union.
