11VAC5-70-300: Internal control standards

A. A permit holder and its sports betting platform supplier shall develop and maintain internal control standards that meet or exceed industry standards as approved by the director.

B. A permit holder's internal control standards shall address at a minimum:

1. Safeguarding assets and revenues;

2. Safeguarding player accounts;

3. Requirements for internal and independent audits of the permit holder and its sports betting platform supplier;

4. User access controls for all personnel;

5. Segregation of duties among personnel;

6. Automated and manual risk management procedures;

7. Procedures for identifying and reporting fraud, cheating, and suspicious or unusual wagering activity;

8. Procedures for identifying and preventing sports betting by prohibited individuals;

9. Description of its AML compliance standards;

10. Description of all types of wagers available to be offered by the permit holder;

11. Description of all integrated third-party hardware, software, or systems;

12. A monitoring system to identify irregularities in volume or odds and swings that could signal unusual or suspicious wagering activity that should require further investigation; and

13. A wager or attempt to wager above any maximum wager threshold set by the permit holder that qualifies as unusual or suspicious wagering.