Regulatory Alerts2006-03-24
Added
Administrative Ruling on Cash Wagers as Bets of Currency
The Financial Crimes Enforcement Network determines that a cash wager on table game play constitutes a "bet of currency" and a "cash in" transaction under 31 C.F.R. § 103.22, regardless of whether the customer wins or loses. This classification applies once the customer can no longer retrieve the bet, such as after the dealer has dealt the cards. Consequently, casinos must report these transactions via Currency Transaction Reports if they exceed $10,000 in a gaming day and must aggregate multiple transactions based on knowledge acquired by officers, directors, employees, or partners.
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