(a) Authority. This part is issued jointly by the Board of Governors
of the Federal Reserve System (Board) and the Secretary of the Department
of the Treasury (Treasury) under section 802 of the Unlawful Internet
Gambling Enforcement Act of 2006 (Act) (enacted as Title VIII of the
Security and Accountability for Every Port Act of 2006, Pub. L. No.
109-347, 120 Stat. 1884, and codified at 31 U.S.C. 5361-5367). The
act states that none of its provisions shall be construed as altering,
limiting, or extending any federal or state law or tribal-state compact
prohibiting, permitting, or regulating gambling within the United
States. See 31 U.S.C. 5361(b). In addition, the act states that its
provisions are not intended to change which activities related to
horseracing may or may not be allowed under federal law, are not intended
to change the existing relationship between the Interstate Horseracing
Act of 1978 (IHA) (15 U.S.C. 3001 et seq.) and other federal statutes
in effect on October 13, 2006, the date of the act’s enactment, and
are not intended to resolve any existing disagreements over how to
interpret the relationship between the IHA and other federal statutes.
See 31 U.S.C. 5362(10)(D)(iii). This part is intended to be consistent
with these provisions.
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(b) Purpose. The purpose of this part is to issue implementing regulations as
required by the act. The part sets out necessary definitions, designates
payment systems subject to the requirements of this part, exempts
certain participants in designated payment systems from certain requirements
of this part, provides nonexclusive examples of policies and procedures
reasonably designed to identify and block, or otherwise prevent and
prohibit, restricted transactions, and sets out the federal entities
that have exclusive regulatory enforcement authority with respect
to the designated payments systems and non-exempt participants therein.
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(c) Collection of information. The Office of Management and Budget (OMB) has approved the collection
of information requirements in this part for the Department of the
Treasury and assigned OMB control number 1505-0204. The Board has
approved the collection of information requirements in this part under
the authority delegated to the Board by OMB, and assigned OMB control
number 7100-0317.
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(d) Incorporation
by reference—relevant definitions from ACH rules.
(1) This part incorporates by reference
the relevant definitions of ACH terms as published in the “2008 ACH
Rules: A Complete Guide to Rules & Regulations Governing the ACH
Network”(the “ACH Rules”). The Director of the Federal Register approves this incorporation by reference in accordance with 5 U.S.C.
552(a) and 1 CFR part 51. Copies of the “2008 ACH Rules” are available
from the National Automated Clearing House Association, Suite 100,
13450 Sunrise Valley Drive, Herndon, Virginia 20171, http://nacha.org,
(703)561-1100. Copies also are available for public inspection at
the Department of Treasury Library, Room 1428, Main Treasury Building,
1500 Pennsylvania Avenue, N.W., Washington, D.C. 20220, and the National
Archives and Records Administration (NARA). Before visiting the Treasury
library, you must call (202)622-0990 for an appointment. For information
on the availability of this material at NARA, call (202)741-6030,
or go to: http://www.archives.gov/federal_register/code_of_federal_regulations/ibr_locations.html
20002.
(2) Any amendment to definitions of the relevant ACH terms in the
ACH Rules shall not apply to this part unless the Treasury and the
Board jointly accept such amendment by publishing notice of acceptance
of the amendment to this part in the Federal Register. An amendment
to the definition of a relevant ACH term in the ACH Rules that is
accepted by the Treasury and the Board shall apply to this part on
the effective date of the rulemaking specified by the Treasury and
the Board in the joint Federal Register notice expressly accepting
such amendment.
