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#2278295 - 11/29/22 04:39 PM Regulation GG Business Account question
Megaman Offline
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Joined: Jul 2017
Posts: 131
Good Afternoon,

Can legal internet gambling transactions be conducted through a business account? For example debits and credits for fanduel or MGM Grand transactions?

Thanks,

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#2278296 - 11/29/22 04:43 PM Re: Regulation GG Business Account question Megaman
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
Why would a business be gambling?
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#2278306 - 11/29/22 07:14 PM Re: Regulation GG Business Account question Megaman
Megaman Offline
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Joined: Jul 2017
Posts: 131
The Signers on the account are gambling and using the funds in that account to pay for it. Would this be a violation of Reg. GG?>

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#2278308 - 11/29/22 07:23 PM Re: Regulation GG Business Account question Megaman
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,229
Galveston, TX
No, but I would have closed the account yesterday, GG only covers illegal gambling,
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#2278316 - 11/29/22 08:47 PM Re: Regulation GG Business Account question Megaman
TryingtoComply Offline
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Joined: Apr 2013
Posts: 2,199
The West
I would consider filing a SAR as well for activity not consistent with the business type. That's if the threshold has been met.
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#2278319 - 11/29/22 08:57 PM Re: Regulation GG Business Account question Megaman
Megaman Offline
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Joined: Jul 2017
Posts: 131
Thank you All

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#2278327 - 11/29/22 10:21 PM Re: Regulation GG Business Account question Megaman
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
I suppose the SAR suggestion depends on the business as well. Does it have anything to do with gambling? I wonder if this is a bona fide business or a few folks who got together for pocket change and don't mind risking it with each other? It sure makes me wonder about the intent of the business if this is happening. (And a lender would sure want to know if there is ever a loan app pending.)
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