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Can you summarize MIAC R. 432.711 - R. 432.776 PART 6?
Internet Sports Betting > AUDIT AND INTERNAL CONTROLS
Short Summary
These legal documents outline the procedures and standards for internal controls in the context of internet sports betting. They require sports betting operators and internet sports betting platform providers to submit a written system of internal controls for review and approval by the Michigan Gaming Control Board. The controls aim to safeguard assets, ensure accurate financial records, and ensure compliance with laws and rules. The documents also cover various aspects such as user access controls, segregation of duties, risk management, fraud detection, anti-money laundering compliance, responsible gaming measures, and security of personal identifiable information. Additionally, the documents require the maintenance of complete and accurate accounting records, annual audits by independent certified public accountants, and submission of annual compliance reports. The board has the authority to approve, deny, or require revisions to amendments to internal control procedures. Failure to comply with internal controls may result in disciplinary action. The documents also specify the filing requirements for audits and reports, as well as the retention of records for a minimum of 5 years. The documents apply to sports betting operators and internet sports betting platform providers in Michigan and aim to ensure the integrity of internet sports betting operations and compliance with regulations.
Whom does it apply to?
Sports betting operators and internet sports betting platform providers
What does it govern?
Internal controls and audits for sports betting operators and internet sports betting platform providers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The board may initiate disciplinary action for non-compliance with internal controls.
Jurisdiction
Michigan