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Can I collect financial information from participants in Arizona? What are the requirements?

Based on the information provided in the context documents, it appears that you may be seeking to collect financial information from participants in Arizona for event wagering purposes. If this is the case, there are several requirements that you must comply with.

Licensing Requirements

To operate an event wagering business in Arizona, you must obtain a license from the Department of Racing [1.3]. As part of the licensing process, you will be required to submit information, documentation, and assurances concerning the financial background and resources of your business or its management services provider [1.3]. This may include bank references, business and personal income and disbursement schedules, tax returns, and other reports filed with governmental agencies, as well as business and personal accounting and check records and ledgers [1.3]. You will also be required to authorize the examination of all bank accounts and records as deemed necessary by the Department [1.3].

Reporting Requirements

If you are seeking to collect financial information from participants in Arizona for event wagering purposes, the Department of Racing has established reporting requirements necessary to comply with the Bank Secrecy Act and Patriot Act and for any other applicable laws and rules governing reporting suspicious wagers [1.5].

Financial Responsibility

Licensed event wagering operators and management services providers in Arizona are required to contract with a certified public accountant to perform an independent audit of the financial condition of their total operation for the previous fiscal year and to ensure compliance with relevant laws and rules [1.2]. The audit results must be submitted to the Department of Racing within 180 days after the end of the fiscal year [1.2].

It is important to note that the Department of Racing may require event wagering operators, limited event wagering operators, and suppliers applying for licensure to post a bond sufficient to cover the actual costs that the department anticipates will be incurred in conducting a background investigation of the applicant [1.6].

If your question pertains to collecting financial information for a purpose other than event wagering, please provide additional context so that I may better assist you.

Source(s):
Jurisdiction

Arizona