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Can I collect bank account information from participants in Washington? What are the requirements?
Based on the context documents provided, it appears that you are asking about collecting bank account information from participants in Washington.
Requirements for Collecting Bank Account Information
The collection of bank account information is subject to various laws and regulations, including but not limited to the Gramm-Leach-Bliley Act (GLBA) and the Washington State Uniform Money Services Act (UMSA). Under the GLBA, financial institutions are required to provide customers with a privacy notice that explains the institution’s information-sharing practices and the customer’s right to opt-out of certain types of sharing. The UMSA requires money transmitters to obtain a license from the Washington State Department of Financial Institutions and comply with various reporting and recordkeeping requirements.
Additionally, if you are a treasurer or state treasurer looking to establish a demand deposit account with an out-of-state bank or an alien bank, you must follow the requirements outlined in WAAC 389-12-140. If you are looking to establish an account with an authorized advance deposit wagering service provider, you must follow the requirements outlined in WAAC 260-49-050.
Conclusion
Based on the context documents provided, it is unclear what type of participants you are referring to and what purpose you have for collecting bank account information. If you are a financial institution or money transmitter, you must comply with the GLBA and UMSA. If you are a treasurer or state treasurer looking to establish a demand deposit account with an out-of-state bank or an alien bank, you must follow the requirements outlined in WAAC 389-12-140. If you are looking to establish an account with an authorized advance deposit wagering service provider, you must follow the requirements outlined in WAAC 260-49-050.
If your question pertains to a different scenario or if you require further clarification, please provide additional information.
Jurisdiction
Washington