§ 233.5 Policies and procedures required. (a) All non-exempt participants in designated payment systems shall establish and implement written policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit restricted transactions.
What is Regulation W?
Regulation W is a U.S. Federal Reserve System (FRS) regulation that limits certain transactions between depository institutions, such as banks and their affiliates. In particular, it sets quantitative limits on covered transactions and requires collateral for certain transactions.
What is the US Unlawful Internet Gambling Enforcement Act?
This Act prohibits any person engaged in the business of betting, as defined, from knowingly accepting credit, electronic fund transfers, checks, or any other payment involving a financial institution to settle unlawful internet gambling debts.
What is regulation J?
Regulation J provides the legal framework for depository institutions to collect checks and other items and to settle balances through the Federal Reserve System.
What is regulation H?
What Is Regulation H? Regulation H outlines the requirements that state-chartered banks must adhere to upon becoming members of the Federal Reserve System (FRS). It also lists the procedures for membership and sets certain limits and conditions on some loan types.
What is the Gambling Act 2003?
The purpose of the Gambling Act is to: control the growth of gambling. prevent and minimise the harm caused by gambling, including problem gambling. authorise some gambling and prohibit the rest.
What did the Gambling Act 2005 do?
The Act enables the commission to void bets that are unfair, for example, due to cheating. A Gambling Appeals Tribunal was established to hear appeals against decisions made by the Commission. Magistrates Courts hear appeals against decisions made by the licensing authority.
What are the 3 licensing objectives of the Gambling Act?
The licensing objectives
The three objectives of the Gambling Act are: to prevent gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime. to make sure gambling is conducted in a fair and open way.
What does regulation W prohibit?
The quantitative limits of Regulation W only prohibit a member bank from engaging in a new covered transaction if the bank would be in excess of the 10 or 20 percent threshold after consummation of the new transaction.
What is a Reg W low quality asset?
(10) the term “low-quality asset” means an asset that falls in any one or more of the following categories: (A) an asset classified as “substandard”, “doubtful”, or “loss” or treated as “other loans especially mentioned” in the most recent report of examination or inspection of an affiliate prepared by either a Federal
What is regulation W Section 23A?
Section 23A (1) designates the types of companies that are affiliates of a bank; (2) specifies the types of transactions covered by the statute; (3) sets the quantitative limitations on a bank’s covered transactions with any single affiliate, and with all affiliates combined; and (4) sets forth collateral requirements