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#2202442 - 01/09/19 04:56 PM illegal gambling
Compliance Action Subscriber 1226 Offline
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Joined: Sep 2015
Posts: 161
Is it only business accounts that the bank has to monitor for gambling - legal or illegal?

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General Discussion
#2202534 - 01/10/19 01:23 PM Re: illegal gambling Compliance Action Subscriber 1226
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,402
How do you know it is gambling activity? I would say you are monitoring all accounts for unusual or suspicious activity.

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#2202571 - 01/10/19 04:13 PM Re: illegal gambling Compliance Action Subscriber 1226
Oursisnottoreasonwhy Offline
Gold Star
Oursisnottoreasonwhy
Joined: Nov 2004
Posts: 489
Central Illinois
Read Regulation GG regarding gambling

https://www.bankersonline.com/regulations/12-233-000

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#2202724 - 01/11/19 03:59 PM Re: illegal gambling Compliance Action Subscriber 1226
Compliance Action Subscriber 1226 Offline
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Joined: Sep 2015
Posts: 161
These transactions are to Shen Zhen Shi CN - several transactions in the amount of $534.80 - I guess that doesn't mean they are illegal, but how could we verify this

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#2202748 - 01/11/19 05:06 PM Re: illegal gambling Compliance Action Subscriber 1226
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
How can you tell it is even gambling? Have you asked the customer?
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#2202764 - 01/11/19 07:12 PM Re: illegal gambling Compliance Action Subscriber 1226
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,534
Pulling people out of the ditc...
a google search on the company names shows that they are a seller of semi conductors and other components for many home electronics in use today.

if you don't have access to google where you are, you could always do what Randy suggests and ask the customer. it is amazing how many times we will do anything in our power not to ask a customer, when asking is usually the easiest thing to do.
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#2202771 - 01/11/19 07:27 PM Re: illegal gambling Compliance Action Subscriber 1226
Compliance Action Subscriber 1226 Offline
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Joined: Sep 2015
Posts: 161
thank you for responses - and you are right it would be easier to just ask the customer

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#2203002 - 01/15/19 04:17 PM Re: illegal gambling Compliance Action Subscriber 1226
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,534
Pulling people out of the ditc...
well, the justice department has weighed in...

https://www.nola.com/national_politics/2...tment-says.html
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#2203008 - 01/15/19 04:23 PM Re: illegal gambling Compliance Action Subscriber 1226
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,763
OK
Sort of a problematic read.......seems to contradict itself quite a bit. On the one hand ""The change here will have some impact, but it doesn't mean that large swaths of gambling that were once legal are now illegal and vice versa," but on the other hand ""Today's decision seamlessly aligns with the department's long-standing position that federal law prohibits all forms of internet gambling..."
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#2203059 - 01/15/19 08:43 PM Re: illegal gambling Compliance Action Subscriber 1226
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,534
Pulling people out of the ditc...
well, it is the federal government weighing in...and you've read the regulations before, right? they are just trying to fit in...
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#2203122 - 01/16/19 04:25 PM Re: illegal gambling HappyGilmore
Darth HMDA, CRCM, CAMS Offline
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Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,387
CA
Originally Posted By HappyGilmore
well, it is the federal government weighing in...and you've read the regulations before, right? they are just trying to fit in...



AHAHAHAHAAHA smile
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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