Regulatory Alerts2007-11-14
Added
Frequently Asked Questions Casino Recordkeeping, Reporting, and Compliance Program Requirements
The document interprets Bank Secrecy Act regulations for casinos and card clubs with gross annual gaming revenue exceeding $1 million, defining which entities constitute a casino under 31 C.F.R. Part 103. It clarifies that slot jackpot wins in excess of $10,000 are no longer reportable as currency transactions, while cash wagers at table games and backline betting in card clubs remain subject to reporting and record retention. Casinos must utilize internal records and automated systems to aggregate multiple currency transactions and verify customer identification, and are required to file Suspicious Activity Reports for transactions involving $5,000 or more when suspicious activity is known, suspected, or reasonably suspected.
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