R 432.742 Bank secrecy act compliance.

Rule 742. (1) A sports betting operator or internet sports betting platform provider must comply with all provisions of the bank secrecy act of 1970, 31 USC 5311 to 5332, applicable to the sports betting operator’s or internet sports betting platform provider’s internet sports betting operation. (2) A sports betting operator or internet sports betting platform provider must, with regard to its internet sports betting operation, maintain records related to its compliance with the bank secrecy act of 1970, 31 USC 5311 to 5332, including all currency transaction reports, suspicious activity reports, and any supporting documentation, for a minimum of 5 years. The sports betting operator or internet sports betting platform provider must provide the records to the board and any appropriate law enforcement agencies on request consistent with the authorization prescribed in the bank secrecy act of 1970, 31 USC 5311 to 5332, and applicable regulations. (3) A sports betting operator or internet sports betting platform provider must provide a written notice to the board as soon as the sports betting operator or internet sports betting platform provider becomes aware of a compliance review that is conducted by the Internal Revenue Service under the bank secrecy act of 1970, 31 USC 5311 to 5332, and involves or impacts the sports betting operator’s or internet sports betting platform provider’s internet sports betting operation. The sports betting operator or internet sports betting platform provider must provide a copy of the compliance review report or the equivalent to the board within 10 days after the receipt of the report by the sports betting operator or internet sports betting platform provider.