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Can you summarize 205 CMR 138.40?
Uniform standards of accounting procedures and internal controls > Procedure for Acceptance of Checks, Cash Equivalents, Wire Transfers, and Credit/Debit Cards; Issuance of Counter Checks
Short Summary
This document outlines the procedures and policies that gaming licensees must follow regarding the acceptance of checks, cash equivalents, wire transfers, and credit/debit cards, as well as the issuance of counter checks. The document specifies the specific forms of deposits that will be accepted, including cash, chips, plaques, slot tokens, jackpots, tournament winnings, casino checks, personal checks, certified checks, traveler’s checks, wire transfers, electronic fund transfers, money orders, and other cash equivalents. It also includes identification requirements for patrons making deposits, policies and procedures for patron deposit accounts, procedures for refunding balances in a patron’s deposit account, procedures for issuing counter checks, and procedures for the transfer and storage of documentation related to the counter check process. Additionally, the document includes procedures to ensure compliance with currency transaction reporting and anti-money laundering criteria, as well as regulations related to credit card and debit card transactions within the gaming establishment. It also outlines procedures for accepting, verifying, and accounting for wire transfers and electronic fund transfers, and ensures compliance with the Currency and Foreign Transactions Reporting Act of 1970 and corresponding FinCEN regulations.
Whom does it apply to?
Gaming licensees
What does it govern?
Acceptance of checks, cash equivalents, wire transfers, and credit/debit cards; issuance of counter checks
What are exemptions?
Government-issued checks and third-party checks, except for bank-issued cashier's checks or traveler's checks
What are the Penalties?
Not specified
Jurisdiction
Massachusetts