Question: What must financial institutions do to comply with Reg GG?
Answer:
Reg GG implements the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers and checks.
By December 1, 2009, U.S. financial institutions that participate in designated payment systems must establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling. The rule provides non-exclusive examples of such policies and procedures and sets out the regulatory enforcement framework.
For purposes of the rule, unlawful Internet gambling generally means the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received, or otherwise made. It is important that all bank employees are educated and trained on this regulation and understand the significance of the new rules.
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