Internet Gambling became legal in Colorado this year. Our bank is wondering how that affects our Reg GG Policy?
Is a Reg GG Disclosure that a customer signs meant to be entity specific or account specific? If Joe's Autos opens 4 accounts, do we need 4 Reg GG disclosures signed or will one work since the verbiage states "this entity does not engage in internet gambling.."?
What are the potential penalties or consequences for noncompliance with Reg. GG - Unlawful Internet Gambling Enforcement Act?
I'm confused about which payment systems Reg GG covers. The reg states ACH, card systems, check collection systems and wire transfer systems are included, but the American Bankers Association website says the reg "does not require that checks, ACH payments, or wire transactions related to Internet gambling be monitored or blocked." That would definitely make it easier, but is it right?
Regarding the Prohibition on Funding of Unlawful Internet Gambling, are we required to send our existing commercial customers a notice about Reg GG?
How can we identify an ACH transaction as internet gambling when the transaction will probably have an SEC code of WEB? What is everyone doing to try to monitor for internet gambling transactions?
When does the Internet Gambling Enforcement Act go into effect and where can I get a copy?
I was wondering if anyone can shed some light on the internet gambling bill. I know that it was part of the Safe Port Act and comments were due by December 12, 2007. Have any final regulations been posted? Where do we stand from a compliance standpoint?