Regulation GG is issued jointly by the FED and the Secretary of the Department of the Treasury (Treasury) under section 802 of the Unlawful Internet Gambling Enforcement Act of 2006. It requires banks to implement written policies and procedures to prevent and/or prohibit their payment systems from being used to facilitate restricted transactions.
In this module we will show you what you need to know about Regulation GG..
This course includes an examination.
- Define "designated payment system"
- Define "prohibited transaction"
Understand how Regulation GG is enforced
o Key terms and concepts
o Unlawful internet gambling
o Restricted transactions
o Designated payment systems
o Written policies and procedures
o Reliance on written statements
o Liability for blocking transactions
o Automated clearing house examples
o Card system examples
o Money transmitting business examples
o Check collection system examples
o Check collection policies and procedures
o Automated clearing house systems
o Check collection systems
o Money transmitting businesses
o Wire transfer systems
o Regulatory enforcement
o Determining risk
o Next steps