Regulatory Alerts2006-03-21
Added
Proposed Amendments to Bank Secrecy Act Regulations Regarding Casino Recordkeeping and Reporting Requirements
The Financial Crimes Enforcement Network proposes to exclude jackpots from slot machines and video lottery terminals exceeding $10,000 from the definition of reportable currency transactions for casinos. The proposal also seeks to exempt certain currency transactions between casinos and currency dealers, exchangers, or check cashers from reporting requirements under 31 CFR Part 103. Additionally, the document outlines technical amendments to clarify examples of cash-in and cash-out transactions, such as including bills inserted into electronic gaming devices and payments for tournaments.
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