24 NCAC 06A .0417         Anti-Money Laundering Monitoring

The Internal Controls shall implement anti-money laundering procedures and policies that adequately address the risks posed by Sports Wagering or Pari-Mutuel Wagering for the potential of money laundering and terrorist financing. At a minimum, the anti-money laundering procedures and policies shall provide for:

(1)           controls to assure ongoing compliance with the local anti-money laundering regulations and standards observed by the Commission;

(2)           up to date training of employees, including but not limited to contractors, affiliates, and similar personnel, in the identification of unusual or suspicious transactions;

(3)           assigning an Individual or Individuals to be responsible for areas of anti-money laundering by the Operator including reporting unusual or suspicious transactions;

(4)           use of automated data processing systems to aid in assuring compliance; and

(5)           periodic independent tests for compliance with a scope and frequency as required by the Commission. Logs of tests shall be maintained for five years.

History Note:        Authority G.S. 18C-114(a)(14);

Previously adopted as Rule 1D-017;

Eff. January 8, 2024;

Readopted Eff. March 27, 2024.