Ask Reggi Your Question Now
Can you summarize GARR Rule 80-12-4-.07?
OPERATIONS OF MALPB > Compliance with Other Requirements
Short Summary
This legal document outlines the compliance requirements for Merchant Acquirer Limited Purpose Banks (MALPBs). MALPBs are required to comply with the Unlawful Internet Gambling Enforcement Act of 2006 and its related rules and regulations. Additionally, they must adhere to all international, federal, and state laws, rules, and regulations applicable to them. For certain laws, MALPBs are considered ‘financial institutions’ and must comply with information security requirements, customer identification standards, suspicious transaction reporting, and anti-money laundering requirements. MALPBs are also required to comply with the regulations set forth by the Office of Foreign Asset Control. Furthermore, MALPBs must comply with the Payment Card Industry Data Security Standard (PCI DSS) and other data security standards recognized by the payment card networks they participate in. Lastly, MALPBs filing a suspicious activity report with a federal authority must provide a copy of the report to the Department at the same time it is filed.
Whom does it apply to?
Merchant Acquirer Limited Purpose Banks (MALPBs)
What does it govern?
Compliance requirements for Merchant Acquirer Limited Purpose Banks (MALPBs)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Georgia