Money Service Business. The Vendor Group is not required to be registered as a money service business with any Governmental Authority in connection with the Purchased Business nor has it received any notice to that effect. In the past five years, there have been no unresolved adverse regulatory examination findings by any Governmental Authority or local bank or consumer protection agency that have had or may be expected to have a Material Adverse Effect.
Money Service Business. We do not accept Business Accounts for businesses engaged in a money service business. A money service business is generally defined as (i) a currency dealer or exchanger, (ii) a check xxxxxx, (iii) an issuer, seller, or redeemer of traveler’s checks, money orders, or stored value instruments, or (iv) a money transmitter. The credit union reserves the right to close any account engaged in the above activity. The credit union may elect to close the checking account and restrict the savings account to“mail only” access. Illegal Transactions. We are prohibited from processing illegal transactions, through your Accounts or through our relationship with you, including unlawful Internet gambling transactions. You may not use your Account in any manner or for any transaction that we believe poses an undue risk of illegality, and we may refuse to process or authorize any such use or transaction. We may also impose restrictions on your Account, including restricting your access to Account services, or we may close your Account, if you engage in any unlawful activity. If you use your Account relationship or engage in a transaction that is determined to be illegal, you will be liable to us. You waive any right to take legal action against the Credit Union for any illegal use or transactions and you agree to indemnify, defend, and hold harmless the Credit Union and any third-party processors from and against any lawsuits, other legal action, or liability that results directly or indirectly from such illegal use or transactions. You agree to certify to us at Account opening and, if requested, annually that (a) you do not engage in an Internet gambling business or (b) you have legal authority to engage in an Internet gambling business. You agree to cooperate with us and provide any documentation we may reasonably require in order to substantiate your certification. You authorize us to investigate the Account Owner, the principals’, and the Authorized Signers’ background, including without limitation any financial institution and payment processor references. You also agree to notify us immediately if any time the Account Owner’s business changes in any way that causes any prior certification to be inaccurate. If you certify to us that the Account Owner has legal authority to engage in an Internet gambling business, you acknowledge that we may choose to close the Account in our sole and absolute discretion.
Money Service Business. By signing the Account Card, you certify that you are not a Money Service Business and will not engage in any activity that meets the definition of a Money Service Business (as defined at 31CFR 1010.100(ff))(See Appendix).
