Reg GG Unlawful Internet Gambling

Question 1

Under Regulation GG which is a responsibility of regulated depository institutions?
a. Review check transactions on consumer accounts that regularly have large checks deposited
b. Screen ACH transactions of commercial accounts
c. Implement due diligence procedures for new commercial accounts
d. Monitor wire transfer instructions

Answer 1

c. Implement due diligence procedures for new commercial accounts

Question 2

A financial institution will be in compliance with the blocking requirements of Regulation GG if:
a. It monitors debit card transactions to block any internet gambling transactions
b. It notifies all customers that internet gambling transactions are illegal
c. It restricts transactions to accept only those not originated on the internet
d. It relies on compliance procedures implemented by the payment system operator

Answer 2

d. It relies on compliance procedures implemented by the payment system operator

Question 3

Bank policies and procedures for check collection must include what procedure to follow when a bank has actual knowledge that checks for restricted transactions have been received from a bank customer:
a. Procedures for determining the action to take, including when the account should be closed
b. Procedures for determining when all checks on the account must be monitored
c. Procedures for circumstances when only certified checks may be accepted
d. Procedures for circumstances when no checks on foreign accounts may be accepted

Answer 3

a. Procedures for determining the action to take, including when the account should be closed