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Can you summarize MIAC R 432.663?
AUDIT AND INTERNAL CONTROLS > Board approval of internal control standards and requirements
Short Summary
This legal document outlines the requirements for internet gaming operators and internet gaming platform providers regarding internal control standards. Before commencing internet gaming, these entities must submit a detailed written system of internal control to the Michigan Gaming Control Board for review and approval. The written system of internal controls must address various items, including procedures for responding to platform failures, user access controls, segregation of duties, risk management procedures, fraud detection and reporting procedures, prevention of wagering by prohibited persons, exclusion of authorized participants, anti-money laundering compliance standards, approval process for internet games and wagers, procedures for accepting and voiding wagers, recording and reconciliation of transactions, issuance and acceptance of promotional funds, identification and restriction of prohibited persons, closure of dormant accounts, adjustments to wagering accounts, verification of participant’s physical location, security and sharing of personal identifiable information, responsible gaming measures, implementation of a responsible gaming database, secure methods for issuing and modifying account passwords, procedures for handling participant complaints, location and security of internet gaming servers, technical security standards, registration and termination of internet wagering accounts, logging in and authentication procedures, crediting and debiting of accounts, withdrawal procedures, protection of participant’s funds, gross receipts and winnings calculation and recording, security standards for internet gaming equipment, protection against hacking and tampering, prevention of cheating, procedures for emergencies, internal audit function policies, and credit policies. The document also requires documentation of third-party roles and responsibilities in providing internal controls. The document does not specify any penalties for non-compliance or violations.
Whom does it apply to?
Internet gaming operators and internet gaming platform providers
What does it govern?
Internal control standards and requirements for internet gaming operators and platform providers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Michigan