Compliance Resource training manuals are designed to be used when conducting in-house training, whether initial training upon implementation of the new requirement, periodic training for new team members or remedial training for longer-term team members.
Federal law prohibits banks from making, taking, buying, selling, redeeming, or collecting lottery tickets and from announcing, advertising, or publicizing the existence of any lottery or the existence or identity of any participant or winner of a lottery. Banks are permitted to provide some services in connection with state lotteries. For example, a bank may accept deposits or cash, handle checks, or perform other banking services for states operating lotteries or for any officers or employees of states that administer lotteries.
The American Savings Promotion Act was signed into law on December 18, 2014 amending federal law to allow for savings promotion raffle products by financial institutions to encourage savings. However, many states have laws that continue to prohibit financial institutions from dealing in lotteries and related activities including savings promotion raffle products which are now permitted under federal law.
This manual covers applicable laws, prohibitions, state law implications, as well as examples of permitted and prohibited activities.