Section 238.17 - Anti-Money Laundering (AML) MonitoringA system of Internal Controls submitted by a Sports Wagering Operator in accordance with 205 CMR 238.02 shall implement AML procedures and policies that adequately address the risks posed by Sports Wagering for the potential of money laundering and terrorist financing. At a minimum, the AML procedures and policies shall provide for:
(1) Controls to assure ongoing compliance with the local AML regulations and standards observed by the Commission pursuant to M.G.L. c. 23K and 23N and 205 CMR;(2) Up to date training of employees in the identification of unusual or suspicious transactions;(3) Assigning an individual or individuals to be responsible for all areas of AML by the Sports Wagering Operator, including reporting unusual or suspicious transactions;(4) Use of any automated data processing systems to aid in assuring compliance; and(5) Periodic independent tests for compliance with a scope and frequency as required by the Commission. Logs of all tests shall be maintained and available for Commission inspection upon request.Adopted by Mass Register Issue 1486, eff. 12/21/2022 (EMERGENCY).Amended by Mass Register Issue 1492, eff. 3/9/2023 (EMERGENCY).Amended by Mass Register Issue 1494, eff. 3/9/2023 (COMPLIANCE).Amended by Mass Register Issue 1498, eff. 6/7/2023 (EMERGENCY).Amended by Mass Register Issue 1503, eff. 6/7/2023 (COMPLIANCE).Amended by Mass Register Issue 1523, eff. 6/7/2024.