Mich. Admin. Code 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.