Recordkeeping Requirements Associated with Regulation GG

Regulation GG - Prohibition on Funding of Unlawful Internet Gambling (12 CFR Part 233) includes requirements for all non-exempt participants to establish certain policies and procedures related to the Unlawful Internet Gambling Enforcement Act of 2006 (the Act). The collection of information is set out in sections 5 and 6 of Regulation GG. Section 5 requires all non-exempt participants in the designated payment systems to establish and implement policies and procedures reasonably designed to identify and block, or otherwise prevent or prohibit, transactions restricted by the Act. In addition, section 5 states that a participant in a designated payment system may rely on policies and procedures established by the designated payment system if the system’s policies and procedures otherwise comply with the requirements of the regulation. Section 6 sets out non-exclusive examples of policies and procedures for each designated payment system that the Board and the Department of the Treasury (the agencies) believe are reasonably designed to prevent or prohibit restricted transactions for non-exempt participants in the system.

The latest form for Recordkeeping Requirements Associated with Regulation GG expires 2021-08-31 and can be found here.

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Federal Enterprise Architecture: Economic Development - Financial Sector Oversight