Regulation GG implements the provisions of the Unlawful Internet Gambling Enforcement Act of 2006. Essentially, the regulation requires non-exempt institutions to establish policies and procedures that are designed to identify, block, and prevent unlawful internet gambling transactions.
In this session, we will dive into the requirements of Reg GG and how to identify the transactions covered under the regulation, especially in light of seeing an increase in legal online gambling transactions over the last few years.
We will provide best practices for conducting the appropriate due diligence at the time of account opening as well as monitoring for covered transactions on an ongoing basis. We will provide tools and samples to assist you in meeting your Reg GG compliance obligations long after our session has ended.
What You’ll Learn
- Understanding the activities that fall under this rule
- Assessing Reg GG risks and updating your risk assessment
- Reviewing policies and procedures to ensure they are up-to-date
- Documenting appropriate due diligence at account opening
- Best practices for identifying restricted gambling transactions
- Discussion of legal gambling transactions and related fraud incidents financial institutions are reporting
Who Should Attend
This informational session is designed for New Accounts Personnel, Branch Managers, Loan Officers, Operations Personnel, Compliance Officers, and Internal Auditors.