Ask Reggi Your Question Now
Can you summarize NJST 5:12-99?
Internal controls.
Short Summary
This provision requires each applicant for a casino license to create, maintain, and file with the division a description of its internal procedures and administrative and accounting controls for gaming and simulcast wagering operations. The controls must conform to the requirements of P.L.1977, c.110 (C.5:12-1 et seq.) and the regulations promulgated thereunder. The applicant must provide adequate and effective controls, establish a consistent overall system of internal procedures and administrative and accounting controls, and conform to generally accepted accounting principles. The internal controls should ensure that casino procedures are carried out and supervised by personnel who do not have incompatible functions. The provision specifies various procedures and controls that should be included in the internal controls, such as accounting controls, procedures for cash handling, transfer of funds, security measures, and procedures for recording transactions. The provision also requires procedures for separately recording transactions involving certain individuals and procedures for the orderly shutdown of casino operations during a state of emergency.
Whom does it apply to?
Applicants for a casino license
What does it govern?
Internal procedures and administrative and accounting controls for gaming and simulcast wagering operations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey