Participant in a Designated Payment System Law and Legal Definition

According to 31 CFR 132.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter I -- Monetary Offices, Department of the Treasury; Part 132 -- Prohibition on Funding of Unlawful Internet Gambling], participant in a designated payment system means “an operator of a designated payment system, a financial transaction provider that is a member of, or has contracted for financial transaction services with, or is otherwise participating in, a designated payment system, or a third-party processor. This term does not include a customer of the financial transaction provider, unless the customer is also a financial transaction provider otherwise participating in the designated payment system on its own behalf.”