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Can I collect bank account information from participants in New York? What are the requirements?

Based on the provided context documents, you can collect bank account information from participants in New York, subject to certain requirements.

Requirements for collecting bank account information in New York

According to 9 NYCRR 4500.4, account wagering licensees may establish accounts for individuals provided the following minimum requirements are met:

  1. An account holder shall be a natural person 18 years of age or older.
  2. Accounts may be opened in accordance with procedures set forth in a plan of operation approved by the commission.
  3. An account holder shall provide his or her age, principal residential address, mailing address (if different), phone number and date of birth.
  4. The account holder must have completed an application as set forth in Racing, Pari-Mutuel Wagering and Breeding Law section 1012(8)(b). In the case of an online application, the applicant shall provide an electronic signature to attest to the accuracy of the information provided.
  5. Except in the case of an online application, the name of each new account holder shall be confirmed in accordance with the Federal government’s standards for evaluating and confirming government-issued identification and credentials (U.S. Department of Homeland Security Employment Verification Form I-9). A copy of each properly validated credential shall be maintained with the appropriate account application. In the case of an online application, the account wagering licensee shall verify the applicant’s identity using, at a minimum, the name, address and date of birth of the applicant through a credit reporting agency, public database or similarly reliable sources as provided for in the plan of operation. If there is a discrepancy between the minimum information submitted and the information provided by the electronic verification described above or if no information on the applicant is available from such electronic verification, then the account wagering licensee shall not open the account and shall require verification through the Federal government’s standards for evaluating and confirming government-issued identification and credentials (U.S. Department of Homeland Security Employment Verification Form I-9). In addition, a multi-jurisdictional account wagering provider shall use the services of an independent third party to perform identity and verification services with respect to establishing an account for any person who is a resident of the State of New York, as prescribed by Racing, Pari-Mutuel Wagering and Breeding Law Section 1012-a(3).
  6. The account wagering licensee shall issue a card or other document representative of the account.
  7. The account wagering licensee shall provide to the account holder rules governing the conduct of account wagering.
  8. The account wagering licensee shall notify the account holder whenever rules have changed and provide a copy of such changes.
  9. The account wagering licensee may require a minimum balance consistent with their internal controls.
  10. Bank account number and other necessary information shall be provided if the account holder desires to make electronic fund transfers. An application may be accepted or rejected by the account wagering licensee as set forth in Racing, Pari-Mutuel Wagering and Breeding Law section 1012(8)(c).

Therefore, if you are an account wagering licensee, you can collect bank account information from participants in New York, subject to the above requirements.

However, if you are not an account wagering licensee, or if you are collecting bank account information for a purpose other than account wagering, you may be subject to different requirements. Please provide more information about your specific situation for a more accurate response.

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Source(s):
Jurisdiction

New York