R 432.534 Bank secrecy act compliance.

Rule 534. (1) A fantasy contest operator or licensed management company must comply with all provisions of 31 USC 5311 to 5336, commonly referred to as the bank secrecy act, that are applicable to the fantasy contest operator’s or licensed management company’s fantasy contest operations. (2) A fantasy contest operator or licensed management company must maintain, for a minimum of 3 years, records related to its compliance with all provisions of 31 USC 5311 to 5336 that are applicable to the fantasy contest operator’s or licensed management company’s fantasy contest operations. The fantasy contest operator or licensed management company must provide the records to the board and any appropriate law enforcement agencies on request consistent with the authorization prescribed in provisions of 31 USC 5311 to 5336 and related regulations that are applicable to the fantasy contest operator’s or licensed management company’s fantasy contest operations. (3) A fantasy contest operator or licensed management company must provide a written notice to the board as soon as the fantasy contest operator or licensed management company becomes aware of a compliance review that is conducted by the Internal Revenue Service under 31 USC 5311 to 5336 and involves or impacts the fantasy contest operator’s or licensed management company’s fantasy contest operations. The fantasy contest operator or licensed management company must provide a copy of the compliance review report or the equivalent to the board within 10 days of the receipt of the report by the fantasy contest operator or licensed management company. (4) This rule applies to a fantasy contest operator or licensed management company only to the extent to which any provisions of 31 USC 5311 to 5336 apply to the fantasy contest operator’s or licensed management company’s fantasy contest operations.