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Can you summarize 11 ILAC 1900.1520?
INTERNAL CONTROLS > Minimum Standards for Internal Control Systems
Short Summary
This document outlines the minimum standards for internal control systems in the context of sports wagering. It applies to master sports wagering licensees in Illinois. The internal control system must include a detailed narrative description of the licensee’s sports wagering, administrative, and accounting procedures. The Administrator will develop and publish Minimum Internal Control Standards (MICS) in collaboration with the licensees, which must be addressed by all internal control systems. The MICS cover various topics including submission, approval, and amendment of the internal control system, general and administrative procedures, access control, conduct of wagering, rules of wagering, wagering equipment, kiosk fill and counts, cashiering, internet wagering, accounting, suspicious activity reporting, internal audit, surveillance, and security. The document provides a comprehensive list of specific procedures and requirements that must be followed by the licensees to ensure proper internal controls in the sports wagering operations.
Whom does it apply to?
Master sports wagering licensees
What does it govern?
Internal control systems for sports wagering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Illinois