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Can you summarize MIAC R 432.763?
AUDIT AND INTERNAL CONTROLS > Board approval of internal control standards and requirements
Short Summary
This document outlines the requirements for internal control standards for internet sports betting operations. Before commencing operations, sports betting operators and internet sports betting platform providers must submit a written system of internal control for review and approval by the Michigan Gaming Control Board. The written system of internal controls must include detailed procedures for various aspects, such as responding to platform failures, user access controls, segregation of duties, risk management procedures, fraud detection and reporting, prevention of wagering by prohibited persons, exclusion of authorized participants, anti-money laundering compliance, event categories and wager types approval process, accepting wagers and issuing payouts, voiding or cancelling wagers, recording and reconciliation of transactions, issuance and acceptance of promotional funds, integration of third-party platforms, closing out dormant accounts, making adjustments to accounts, verifying physical location of participants, security and sharing of personal identifiable information, responsible gaming measures, implementing the responsible gaming database, securely managing account passwords and security features, handling authorized participant complaints, securing sports betting servers, line setting and moving process, technical security standards, registration and termination of internet sports betting accounts, logging in and off procedures, crediting and debiting of accounts, withdrawing funds, protecting participant’s funds, calculating and recording receipts and winnings, handling sports betting equipment, responding to hacking or tampering incidents, preventing cheating, and emergency procedures. The document also emphasizes the need for internal audit function policies, credit policies, and any other items deemed necessary by the board. If third-party involvement is present, their roles and responsibilities must be documented and compliance with their internal control procedures must be monitored. The document was last updated on December 2, 2020.
Whom does it apply to?
Sports betting operators, internet sports betting platform providers
What does it govern?
Internal control standards and requirements for internet sports betting operations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Michigan