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June 13, 2012 Compliance Overview: Gift Card, Promotional Card, and Incentive Card Program

National Restaurant Association. June 13, 2012 Compliance Overview: Gift Card, Promotional Card, and Incentive Card Program. About Card Compliant.

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June 13, 2012 Compliance Overview: Gift Card, Promotional Card, and Incentive Card Program

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  1. National Restaurant Association June 13, 2012 Compliance Overview: Gift Card, Promotional Card, and Incentive Card Program

  2. About Card Compliant Card Compliant, based in Kansas City, is a compliance specialty company serving the prepaid access and card industries. It addresses niche subjects, providing technology-supported solutions to the regulatory, legal and accounting challenges encountered in card programs. It engineers compliance at the design, implementation, and operational phases of a card program to enhance program value and reduce noncompliance risk. Solutions combine patent-pending technologies and business methods implementing compliance on a per card basis. Visit Card Compliant at www.cardcompliant.com.

  3. Introductions • Overview • Questions

  4. Regulatory Challenge Regulation Complexity Escheat Statutes: 50 States Consumer Statutes: Federal and 50 States AML: Federal Anti-Money Laundering Rules, OFAC Licenses: Federal (FinCEN) and States (Money Transmitter) Privacy: Federal and some States Income Tax: Special IRS Rules on Tax Recognition Income Tax: Special IRS 1099 Requirements Activity Taxes: 5 States GAAP Accounting: US and International Standards SEC: Earnings Recognition Rules The Feds The States FED FTC CFPB IRS Attorney General FinCEN Treasurer

  5. Agenda • 5 Topic Areas • Consumer Protection Laws • Unclaimed Property Laws • Income Tax Regulations • GAAP Accounting Standards • Anti-Money Laundering Regulations • Ten Current Hot Compliance Issues

  6. Consumer Protection Laws • Regulators • State Laws • The Federal Reserve • FTC • CFPB • Fees • Expiration Dates • Cash Back • Disclosures

  7. Unclaimed Property Laws • Regulators • State Laws • Restaurant Solutions

  8. Income Tax • Regulators • IRS • Taxation upon Load • 1 Year and 2 Year Deferrals • Impact of Escheat Solutions

  9. GAAP Accounting Standards • Regulators • FASB • IASB • SEC • GAAP Rules • Derecognizing Card Breakage

  10. Anti-Money Laundering (AML) Regulation • Regulators • FINCEN • New FinCEN Regulation • Closed Loop Exemption

  11. Current Hot Compliance Issues • New Jersey Escheat • Colorado Escheat • Cash Back • Expiration Dates on Promotional Cards • FinCEN Update • FinCEN and Your B2B Cards • FASB Guidance • Taxed Incentive Cards • Personally Identifiable Information • Consumer Financial Protection Bureau

  12. Conclusion The webinar is complete. Thank you for attending. Card Compliant is proudly endorsed by the NRA and has maintained a strong partnership for several years. For additional information on optimized compliance solutions, please contact Card Compliant at 913-871-7430

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