N.Y. Comp. Codes R. & Regs. tit. 9 § 5605.10

Current through Register Vol. 46, No. 53, December 31, 2024

Section 5605.10 - Anti-money laundering

(a)Minimum requirements. For purposes of this section, a registrant shall, at a minimum:

(1) establish a system of internal policies, procedures and controls to assess anti-money-laundering-related risks present within its business, considering, among other things, play volume and character, range of financial services offered, characteristics of certain games, contestant behaviors and contestant characteristics;

(2) designate an anti-money laundering compliance officer and file the name of such officer with the commission;

(3) conduct an internal and/or external independent audit to test for compliance and provide copies to the commission;

(4) train appropriate employees in reportable currency transactions and identifying unusual or suspicious transactions;

(5) assign an individual or group of individuals to be responsible for day-to-day compliance; and

(6) employ the use of automated programs to aid in assuring compliance when automated processing systems are in use.

(b)Submissions to commission. To ensure compliance with this section, each registrant shall submit to the commission by June 30 of each year a compliance finding statement on a form issued by the commission and duly executed by the registrant's designated anti-money laundering compliance officer. Nothing in this section shall relieve the registrant from any related reporting requirements under any other state or Federal laws.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5605.10

Adopted New York State Register October 18, 2023/Volume XLV, Issue 42, eff. 10/18/2023