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Can you summarize MIAC R. 432.611 - R. 432.676 PART 4?
Internet Gaming > AUTHORIZED PARTICIPANT INTERNET WAGERS
Short Summary
This legal document, part of the Michigan Administrative Code, pertains to authorized participant complaints in the context of internet gaming. It requires internet gaming operators and internet gaming platform providers to include a clear mechanism on their platforms for authorized participants to make complaints. The document outlines the information that must be provided to authorized participants regarding their right to file a complaint, the complaint resolution process, and how to submit a complaint to the Michigan Gaming Control Board. It also mandates that all complaints must be attempted to be resolved by the operator or platform provider, and each complaint must be investigated with a response provided to the authorized participant within 10 calendar days. If a complaint cannot be resolved to the satisfaction of the authorized participant, the operator or platform provider must promptly notify the board. The board has the authority to conduct investigations and direct corrective actions. Additionally, the document requires operators and platform providers to maintain records of authorized participant complaints for a minimum of 5 years and provide them to the board upon request. This legal document also pertains to the compliance requirements of internet gaming operators and internet gaming platform providers with the Bank Secrecy Act of 1970. The document mandates that these operators and providers must comply with all provisions of the Bank Secrecy Act applicable to their internet gaming operations. They are required to maintain records related to their compliance, including currency transaction reports, suspicious activity reports, and supporting documentation, for a minimum of 5 years. The records must be provided to the Michigan Gaming Control Board and appropriate law enforcement agencies upon request. Additionally, the operators and providers must notify the board when they become aware of a compliance review conducted by the Internal Revenue Service under the Bank Secrecy Act that involves or impacts their internet gaming operations. They must provide a copy of the compliance review report to the board within 10 days of receiving it. The document does not specify any penalties for non-compliance or violations. This legal requirement was introduced in 2020. Furthermore, this document sets forth the requirements for internet gaming operators and internet gaming platform providers regarding integrity monitoring and reporting. It mandates that these entities employ personnel responsible for ensuring the operation and integrity of internet gaming and reviewing reports of suspicious behavior. They are required to immediately notify the Michigan Gaming Control Board upon detecting or becoming aware of various activities, including cheating, theft, money laundering, and any conduct that corrupts the outcome of an internet game or internet wager. The document also stipulates that internet gaming platform providers must promptly notify affected internet gaming operators of any issues impacting the integrity of internet gaming. The board may require these entities to provide necessary hardware or software for evaluation or further monitoring. Additionally, internet gaming operators and platform providers must maintain records demonstrating compliance with these rules for a minimum of 5 years and provide them to the board upon request. This legal document also governs the reserve requirement for internet gaming operators and internet gaming platform providers in Michigan. It mandates that these entities must maintain a reserve to ensure the security of funds held in internet wagering accounts. The reserve can be in the form of cash or cash equivalents in a segregated U.S. bank account, an irrevocable letter of credit, a bond, or any other form acceptable to the board. The reserve must be at least equal to the sum of the daily ending cashable balance of all authorized participants’ internet wagering accounts, pending withdrawals, and the sum of all pending internet wagers, funds transferred to an internet game not yet wagered, and pending wins. The document also prohibits automatic transfer of funds held in internet wagering accounts and circumvention of this rule by requiring participants to transfer funds. It allows the board to audit the reserve at any time and take necessary actions to ensure compliance. Internet gaming operators and platform providers must have access to all internet wagering account and transaction data and file a monthly attestation with the board. The document also allows combining the reserve for all Michigan internet gaming or Michigan internet sports betting activities. Specific penalties for non-compliance are not mentioned. Additionally, the document states that an internet gaming operator or internet gaming platform provider may not void a completed internet wager without board approval unless a void is necessary to resolve an internet gaming platform or internet game error or malfunction. It also requires an internet gaming platform to employ a mechanism that can detect and prevent any internet wagering or withdrawal activity initiated by an authorized participant that would result in a negative balance of the internet wagering account. Finally, the document specifies that there must be no limitation as to the minimum or maximum internet wager an internet gaming operator or internet gaming platform provider may accept, unless otherwise prescribed by the board. However, it does not preclude an internet gaming operator or internet gaming platform provider from establishing its own minimum or maximum internet wagers or limiting an authorized participants internet wager for reasons considered necessary or appropriate by the internet gaming operator or internet gaming platform provider. These legal requirements were introduced in 2020.
Whom does it apply to?
Internet gaming operators, internet gaming platform providers
What does it govern?
Authorized participant complaints in the context of internet gaming, compliance requirements with the Bank Secrecy Act, integrity monitoring and reporting, reserve requirement for internet gaming operators and internet gaming platform providers, voiding of completed internet wagers, prevention of negative balance in internet wagering accounts, limitations on minimum and maximum internet wagers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Specific penalties for non-compliance are not mentioned.
Jurisdiction
Michigan