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Can you summarize 11 ILAC Chapter I, Part 1900, Subpart 1900?
SPORTS WAGERING > INTERNAL CONTROLS
Short Summary
This document outlines the minimum standards for internal control systems in the context of sports wagering in Illinois. It applies to master sports wagering licensees and aims to ensure the safeguarding of assets, accuracy and reliability of financial records, proper authorization of transactions, and compliance with the Act and related regulations. The document requires licensees to develop and maintain a detailed internal control system that covers various aspects such as administrative procedures, access control, conduct of wagering, accounting, and security. The Administrator will develop Minimum Internal Control Standards (MICS) in collaboration with the licensees, which must be addressed by all internal control systems. The document also outlines the approval process for internal control systems, requiring initial approval by the Administrator before commencing sports wagering operations and submission of proposed changes for approval. Violations of the internal control system can result in disciplinary action for both the master sports wagering licensee and occupational licensees. Additionally, compliance with the internal control system may be reviewed by an independent certified public accountant registered in the State of Illinois. The document does not specify any penalties for non-compliance or violations. Overall, it provides comprehensive requirements and procedures for maintaining effective internal controls in the sports wagering industry.
Whom does it apply to?
Master sports wagering licensees in Illinois
What does it govern?
Internal control systems in the context of sports wagering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are specified for non-compliance or violations.
Jurisdiction
Illinois