Md. Code Regs. 36.10.13.25

Current through Register Vol. 51, No. 26, December 27, 2024

Section 36.10.13.25 - Wire Transfers

A. A sports wagering licensee may accept a negotiable instrument in the form of a wire transfer from a bettor to enable the bettor to take part in sports wagering.

B. A sports wagering licensee shall record in its cashiers' cage accountability or other accounting records any funds accepted by wire transfer with no documented business purpose other than to enable a bettor to take part in sports wagering within 24 hours of receipt of the wire transfer.

C. A sports wagering licensee shall develop and include in the internal controls submitted to and approved by the Commission under Regulation .04 of this chapter procedures addressing the acceptance, verification, and sending of wire transfers meeting the requirements of this regulation.

D. A sports wagering licensee's internal controls shall:

(1) Require preparation of a wire transfer log to record the following information pertaining to a wire transfer accepted by a sports wagering licensee on behalf of a bettor:

(a) A sequential number assigned by the sports wagering licensee to the wire transfer accepted;

(b) Date and time notice of the wire transfer was received;

(c) Name of the financial institution to which the funds were sent;

(d) Amount transferred;

(e) Name of the bettor for whose benefit the funds were accepted;

(f) The name of the financial institution from which the funds were transferred;

(g) The method by which the sports wagering licensee was notified of the receipt of the wire transfer;

(h) If noticed by telephone, the name and title of the individual providing notice; and

(i) The signature of the employee receiving and recording the information required by this section;

(2) Require that a supervisor other than the employee who initially documented acceptance of the wire transfer:

(a) Independently confirm date, time, and method by which the sports wagering licensee was notified of the wire transfer;

(b) Record the date and time of confirmation in the wire transfer log; and

(c) Sign the wire transfer log as completing the confirmation process;

(3) Document the procedures used to:

(a) Establish, verify, and document the identity of a bettor sending a wire transfer;

(b) Make the wire transfer proceeds available to a bettor at the cashiers' cage or any other means as approved by the Commission; and

(c) Adjust the cashiers' cage accountability or other accounting records;

(4) Require preparation of a wire transfer log to record the following information pertaining to a wire transfer sent by a sports wagering licensee on behalf of a bettor:

(a) A sequential number assigned by the sports wagering licensee to the wire transfer sent;

(b) Name of the bettor;

(c) Date of the transaction;

(d) Amount wired;

(e) Source of funds;

(f) The name and address of the financial institution to which the funds were wired;

(g) Account number to which the funds are credited;

(h) If the request to send a wire transfer is made in person at the cashiers' cage, the signature of the bettor;

(i) If the request to send a wire transfer is not made in person at the cashiers' cage, documentation supporting the receipt of a request by the sports wagering licensee to send a wire transfer on behalf of a bettor;

(j) The signature of the cashiers' cage employee or accounting department employee receiving and recording the information required by this regulation; and

(k) The signature of the cashiers' cage supervisor or accounting department supervisor authorizing the wire transfer; and

(5) Document the procedures used to:

(a) Establish, verify, and document the identity of a bettor requesting that a wire transfer be sent;

(b) Send the wire transfer; and

(c) Adjust the cashiers' cage accountability or other accounting records.

Md. Code Regs. 36.10.13.25

Amended effective 49:1 Md. R.16, eff. 1/13/2022