Regulation GG - Prohibition on Funding of Unlawful Internet Gambling
Sec. 233.1 Authority, purpose, collection of information, and
incorporation by reference.
(a) Authority. This part is issued jointly by the Board of
Governors of the Federal Reserve System (Board) and the Secretary of
the Department of the Treasury (Treasury) under section 802 of the
Unlawful Internet Gambling Enforcement Act of 2006 (Act) (enacted as
Title VIII of the Security and Accountability For Every Port Act of
2006, Pub. L. No. 109-347, 120 Stat. 1884, and codified at 31 U.S.C.
5361-5367). The Act states that none of its provisions shall be
construed as altering, limiting, or extending any Federal or State law
or Tribal-State compact prohibiting, permitting, or regulating gambling
within the United States. See 31 U.S.C. 5361(b). In addition, the Act
states that its provisions are not intended to change which activities
related to horseracing may or may not be allowed under Federal law, are
not intended to change the existing relationship between the Interstate
Horseracing Act of 1978 (IHA) (15 U.S.C. 3001 et seq.) and other
Federal statutes in effect on October 13, 2006, the date of the Act's
enactment, and are not intended to resolve any existing disagreements
over how to interpret the relationship between the IHA and other
Federal statutes. See 31 U.S.C. 5362(10)(D)(iii). This part is intended
to be consistent with these provisions.
(b)Purpose. The purpose of this part is to issue implementing
regulations as required by the Act. The part sets out necessary
definitions, designates payment systems subject to the requirements of
this part, exempts certain participants in designated payment systems
from certain requirements of this part, provides nonexclusive examples
of policies and procedures reasonably designed to identify and block,
or otherwise prevent and prohibit, restricted transactions, and sets
out the Federal entities that have exclusive regulatory enforcement
authority with respect to the designated payments systems and non-exempt participants therein.
(c) Collection of information. The Office of Management and Budget
(OMB) has approved the collection of information requirements in this
part for the Department of the Treasury and assigned OMB control number
1505-0204. The Board has approved the collection of information
requirements in this part under the authority delegated to the Board by
OMB, and assigned OMB control number 7100-0317.
(d) Incorporation by reference--relevant definitions from ACH
(1) This part incorporates by reference the relevant definitions of
ACH terms as published in the “2008 ACH Rules: A Complete Guide to
Rules & Regulations Governing the ACH Network” (the “ACH Rules”).
The Director of the Federal Register approves this incorporation by
reference in accordance with 5 U.S.C. 552(a) and 1 CFR part 51. Copies
of the “2008 ACH Rules” are available from the National Automated
Clearing House Association, Suite 100, 13450 Sunrise Valley Drive,
Herndon, Virginia 20171, http://nacha.org, (703) 561-1100. Copies also
are available for public inspection at the Department of Treasury
Library, Room 1428, Main Treasury Building, 1500 Pennsylvania Avenue,
NW., Washington, DC 20220, and the National Archives and Records
Administration (NARA). Before visiting the Treasury library, you must
call (202) 622-0990 for an appointment. For information on the
availability of this material at NARA, call (202) 741-6030, or go to:
(2) Any amendment to definitions of the relevant ACH terms in the
ACH Rules shall not apply to this part unless the Treasury and the
Board jointly accept such amendment by publishing notice of acceptance
of the amendment to this part in the Federal Register. An amendment to
the definition of a relevant ACH term in the ACH Rules that is accepted
by the Treasury and the Board shall apply to this part on the effective
date of the rulemaking specified by the Treasury and the Board in the
joint Federal Register notice expressly accepting such amendment.
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