“ If not, you may choose to obtain a certification from the customer that it does not engage
in an Internet gambling business. 7. This means that a
money transmitting business is not subject to the rule if
it only offers money transmitting services to customers that physically appear at an office of the money transmitting business to arrange and pay for the
transfer of funds and it does not provide money transmitting services over the Internet or telephone.
9. It is important to note, however, that the rule implementing UIGEA is separate from BSA regulations, and due diligence for purposes of the UIGEA rule differs significantly from BSA due diligence.
UIGEA permits a participant in a designated payment system to comply with UIGEA's requirements by
relying on and complying with the policies and procedures of the designated payment system if the system's
policies and procedures comply with the requirements of the rule.
Accordingly, if you are a depository institution and participate in a
card system, you should be able to rely on the policies
and procedures established by the operator
of the card system when developing your own compliance procedure.
As noted above, you are permitted to design and implement policies and procedures tailored to
your business that may be different than the examples provided in section 6, so long as they comply with the
requirements of UIGEA and the rule. Does the rule mandate a change in the circumstances or procedures for submitting suspicious activity reports
(SARs)? 6. This means that the "send" agents of money transmitting businesses that receive funds for transmission and forward the payment instructions
to the system operator are not subject to the rule.
The Federal Trade Commission will be responsible for enforcement with respect to most
non-exempt money transmitting businesses and other non-exempt participants not covered by the above
regulators. 1. This guide was prepared by the staffs of the Board
of Governors of the Federal Reserve System and the Departmental Offices
of the Department of the Treasury as a "small entity compliance guide"
under Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996,
as amended (5 U.S.C. The Securities and Exchange Commission and Commodity Futures Trading Commission will be responsible for regulatory
enforcement for their respective institutions that are non-exempt participants in designated payment systems.
Specifically, the certification should confirm that the customer's automated
systems for engaging in the Internet gambling business are reasonably designed to ensure that the commercial customer's Internet gambling business will remain within the licensed or otherwise lawful limits, including with respect to gambler age and location verification.
This is to ensure that the Internet gambling business will prohibit minors from accessing the gambling business and that the gambler
is located in a state where the gambling activity is permitted by applicable law.
In determining those card transactions for which
you will deny authorization, you could rely on (and comply with) the merchant
and transaction coding of the card system to determine
which transactions may be restricted transactions. As with all of your commercial customers, you would also need to provide notice to the
customer that restricted transactions are prohibited from being processed
through its accounts with you. Do you have any legal protection from
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Only the rule itself can provide complete and definitive information regarding its requirements.
In addition, the commercial customer should provide you with a third-party
certification regarding the commercial customer's automated systems.
Operators are expected to execute robust age
verification systems and stakes are required to be refunded to children and young persons and wagers voided.
These include manufacturers and distributors of gaming equipment, persons who share in gaming
revenues, operators of an information service (persons who sell
line, point spread and odds, etc.) and slot route operators (persons who operate slot machines in another person’s
business such as a tavern or convenience store).
Who should you contact if you have further questions? ”