Regulatory Alerts2005-07-06
Added
Definition of Money Services Business (Casinos as Money Services Businesses)
Casinos and card clubs as defined in regulations are not required to comply with Bank Secrecy Act rules specific to money services businesses, but must instead follow industry-specific requirements. Gaming establishments with gross gaming revenue of $1 million or less that do not meet the casino definition may be classified as money services businesses if their services fall within that definition, requiring compliance with corresponding rules. Third parties leasing space in casinos or card clubs must comply with money services business rules if their activities, such as check cashing or funds transfers, meet the regulatory definition. All financial institutions, including casinos and card clubs, remain subject to general reporting and recordkeeping obligations under the Bank Secrecy Act.