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

Based on the provided context documents, it appears that you may be asking about collecting bank account information from participants in Virginia. Here are the relevant requirements:

For account wagering:

  • An account wagering licensee may open an account for an applicant and require certain information, including name, principal residence address, telephone number, social security number, age, and other information necessary for account administration [1.3].
  • The information obtained from the applicant shall be verified by the account wagering licensee using means acceptable to the commission [1.3].
  • An account wagering licensee shall maintain for at least one year all records of the opening and closing of accounts, wagers, earnings, and withdrawals [1.3].
  • No person shall conduct account wagering in the Commonwealth unless he has applied for and has been granted an account wagering license by the commission [1.2].

For lottery business:

  • A lottery retailer shall have and maintain a separate bank account in a bank participating in the Automatic Clearing House (ACH) system. This account shall be styled in the name of the retailer followed by “Virginia Lottery Trust” and shall be used exclusively for lottery business [2.1].
  • The lottery account shall be used by the retailer to make funds available to permit withdrawals and deposits initiated by the agency through the EFT process to settle a retailer’s account for funds owed by or due to the retailer from the sale of tickets and the payment of prizes [2.1].
  • A lottery retailer may be required to submit to the agency an audit report conducted by an independent certified public accountant on the licensed retailer’s lottery activities [2.2].

For sports betting:

  • A permit holder shall maintain an operating account with a financial institution that is federally insured by the FDIC and licensed to transact business in the Commonwealth of Virginia [3.1].
  • A permit holder shall maintain an escrow account with a financial institution federally insured by the FDIC and licensed to transact business in the Commonwealth of Virginia, into which shall be deposited all taxes and fees due to be transferred to the department pursuant to procedures to be established by the director. The department shall be designated as sole beneficiary on the account. This escrow account shall be separate from all other operating accounts of the permit holder to ensure the security of funds due to the Commonwealth of Virginia [3.1].
  • Permissible investments maintained by a licensee pursuant to § 6.2-1918 of the Code of Virginia shall be unencumbered and held solely in the name of the licensee [4.2].

Based on the above requirements, it appears that you may collect bank account information from participants in Virginia for account wagering, lottery business, and sports betting, but you must follow the specific requirements outlined in the relevant documents.

Source(s):
Jurisdiction

Virginia