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Reg GG Notice to Existing Commercial Customers?

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Question: 
Regarding the Prohibition on Funding of Unlawful Internet Gambling, are we required to send our existing commercial customers a notice about Reg GG?
Answer: 

Yes, the requirement is found in the description of policies and procedures that will meet the requirements of the regulation, in paragraph 233.6(b)(3).

[Note: The mandatory compliance date for Regulation GG has been pushed back to 6/1/2010.]

First published on BankersOnline.com 12/14/09 (updated 5/10/2010)

First published on 12/14/2009

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