{"data":{"id":"us-nm/60-2e-35","jurisdiction":"us-nm","citation":"60-2E-35","heading":"Internal control systems.","body":"A. Each gaming operator licensee shall adopt internal control systems that shall include provisions for:\n(1) safeguarding its assets and revenues, especially the recording of cash and evidences of indebtedness;\n(2) making and maintaining reliable records, accounts and reports of transactions, operations and events, including reports to the board; and\n(3) a system by which the amount wagered on each gaming machine and the amount paid out by each gaming machine is recorded on a daily basis, which results may be obtained by the board by appropriate means as described in regulations adopted by the board; all manufacturers are required to have such a system available for gaming operators for the gaming machines that it supplies for use in New Mexico, and all distributors shall make such a system available to gaming operators.\nB. The internal control system shall be designed to reasonably ensure that:\n(1) assets are safeguarded;\n(2) financial records are accurate and reliable;\n(3) transactions are performed only in accordance with management's general or specific authorization;\n(4) transactions are recorded adequately to permit proper reporting of gaming revenue and of fees and taxes and to maintain accountability of assets;\n(5) access to assets is allowed only in accordance with management's specific authorization;\n(6) recorded accountability for assets is compared with actual assets at reasonable intervals and appropriate action is taken with respect to any discrepancies; and\n(7) functions, duties and responsibilities are appropriately segregated and performed in accordance with sound accounting and management practices by competent, qualified personnel.\nC. A gaming operator licensee and an applicant for a gaming operator's license shall describe, in the manner the board may approve or require, its administrative and accounting procedures in detail in a written system of internal control. A gaming operator licensee and an applicant for a gaming operator's license shall submit a copy of its written system to the board. Each written system shall include:\n(1) an organizational chart depicting appropriate segregation of functions and responsibilities;\n(2) a description of the duties and responsibilities of each position shown on the organizational chart;\n(3) a detailed, narrative description of the administrative and accounting procedures designed to satisfy the requirements of Subsection A of this section;\n(4) a written statement signed by the licensee's chief financial officer and either the licensee's chief executive officer or a licensed owner attesting that the system satisfies the requirements of this section;\n(5) if the written system is submitted by an applicant, a letter from an independent certified public accountant stating that the applicant's written system has been reviewed by the accountant and complies with the requirements of this section; and\n(6) other items as the board may require.\nD. The board shall adopt and publish minimum standards for internal control procedures.","path":["Chapter 60 - Business Licenses","ARTICLE 2E Gaming Control"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18563/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"4a659f77b1482a5c5586cda2d46a2a3aa630fca7ee7f314f9f6e33ca7120a159","source_id":"us-nm","stale":false,"prev":"us-nm/60-2e-34.1","next":"us-nm/60-2e-36"},"notice":"GroundRules: Original legal text. Not legal advice."}