To play Blu Ray on Media Centre PC, does the motherboard have to be HDCP compliant as well as the video card?

I’m upgrading an old SFF GX280 2.8Ghz Dell PC. It’s a modest machine, but I want to add a low profile HDCP compliant graphics card. I am seriously considering the 3450, more specifically, the HIS-HD3450-D2LP which offers: PCI-E 256MB 64-bit DDR2, Dual Link DVI, TV Out, HDTV, HDMI, Superscalar unified shader architecture, 40 stream processing [...] http://bit.ly/mU34vN