If signers change on a commercial account, do we need to get the new signers to sign the certification form?

Are all signers required to sign the certification form at account opening or can only one sign it on behalf of the company.

thanking you in advance

Banker-12,

Thank you for posting this...Im also in the process of gathering information on what other banks are doing for Reg GG. Would you be willing to share your certification form?

Thank you..

OpsGuy,

Send me a PM with your email address so I can email it to you.

If I understand Reg. GG correctly the requirement is to ensure the company is not running illegal internet transactions through the account. It is not required to certify at the customer level. With that said, I would not think new signers would be required to go through the due dilligence process.

Well, that depends.....

If,

(ii) The participant cannot determine that the commercial customer presents a minimal risk of engaging in an Internet gambling business, in which case it obtains the documentation in either paragraph (b)(2)(ii)(A) or (b)(2)(ii)(B) of this section--
(A) Certification from the commercial customer that it does not engage in an Internet gambling business; or


---Im guessing some banks will have a blanket 'certification form' for Reg GG for all new business customers...We may adopt a blanket 'certification form' ourselves.




(

If the customer is an entity, it is the entity that certifies, not individuals authorized to sign for the entity.

Does the Reg. GG notice to existing customer accounts need to be sent out prior to the June 1st date? If so, does it need to be sent out 30 days prior (making it May 1st)?Below is the commentary from ABA when the compliance date was 12/01/09, I was just curious if it would be the same for the 6/1/10 date? Also, I do not want to send the customer notice out to existing customers if the Regulation changes or is postponed again...Any thoughts?



Providing Timely Notice to Commercial Account Holders (ABA Staff Analysis 10/28/09)

The Issue:
The final rule requires that financial institutions provide notice to commercial account holders.

Recommended Action:
Financial institutions are not required to provide the notice prior to the December 1, 2009 effective date. Banking agency officials have indicated that financial institutions should have a plan in place with regard to providing the notice, but that the December 1, 2009 mandatory compliance date of the regulation is not a deadline for providing the notice to commercial customers.

We provided the notice to commercial clients during November 2009. And we changed our account agreement to include language about illegal activities so all new clients are receiving the new agreement. Will be now be required to provide notice again for the 6/1/10 implementation date? I don't think I have room for a statement message or stuffer in May (OD fees changing 7/1/10 and Privacy in June will both be attached to statements).

Does it look like the effective date will be extended again? I know Barney Frank has a few bills pending

JoAnne, I would think you've already complied. No need for additional notification.

Any thoughts on this?

If you have sent out notice to existing commercial account holders last year and added a provision regarding UIGEA to the account agreement (at the same time), then all your commercial customers are on notice.

Just make sure you have a procedure in place at account opening. I am simply training the staff to be on the lookout for customers that might possibly run an internet casino. We are NOT going to ask each and every customer whether they are going to run internet gaming. However, if a customer's business involves computers or internet we will definitely ask additional questions. It's really no different than being on the lookout for an MSB.

If you never sent out a notice to existing customers then I would send one out in May via statement stuffers or mailer prior to the effective date (June 1)and get your disclosure language in there as as soon as possible.

Not sure if this is the correct course of action but we will update our disclosures on June 1st and send a notice to commercial customers the same day. We don't want to put anything in place before hand just in case there in another extension.

I think we are doing the same thing; we are going to send notice out and update disclosures on June 1st (just in case of a reg change). I was just curious if others heard of anything stating it should be done prior to June 1st?

Wyo Rockies -
If you are not going to ask each commercial account holder at account opening if they engage in Unlawful Internet Gambling then how will you be able to obtain certification from them that they have legally registered and are compliant with running such services, if they do participate?