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#1135932 - 02/25/09 07:53 PM Definition of "minimal risk" - UIGEA
mmumm Offline
100 Club
Joined: Jul 2008
Posts: 163
Santa Cruz, California
Does anyone know what they mean when they say to determine if a customer presents a "minimal risk" in engaging in an Internet gambling business?

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Operations Compliance
#1136112 - 02/25/09 09:46 PM Re: Definition of "minimal risk" - UIGEA mmumm
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
12 CFR § 233.6(b)(4)

With respect to the determination in paragraph (b)(2)(i) of this section, participants may deem the following commercial customers to present a minimal risk of engaging in an Internet gambling business —

(i) An entity that is directly supervised by a Federal functional regulator as set out in §233.7(a); or

(ii) An agency, department, or division of the Federal government or a State government.
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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#1136194 - 02/26/09 12:58 AM Re: Definition of "minimal risk" - UIGEA Kelsey D
mmumm Offline
100 Club
Joined: Jul 2008
Posts: 163
Santa Cruz, California
what about other commercial accounts? how will we know if another type of business presents a "minimal risk"? i'm sure using common sense it's relatively easy to tell, but i didnt know if there was a specific definition of what's considered minimal risk?

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#1136259 - 02/26/09 01:24 PM Re: Definition of "minimal risk" - UIGEA mmumm
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
This is the definition of minimal risk straight from the regulation. It's my understanding that any other commercial customer would pose more than the minimal risk.
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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