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Can you summarize 31 CFR 1021.311?
Reports Required To Be Made By Casinos and Card Clubs > Filing obligations.
Short Summary
This document outlines the filing obligations for casinos and card clubs regarding transactions in currency. It requires each casino to file a report for each transaction involving cash in or cash out of more than $10,000. The document provides a detailed list of transactions that fall under cash in and cash out categories. Additionally, it specifies exemptions for certain transactions, including those between a casino and a dealer in foreign exchange or check casher, cash out transactions where the currency is won in a money play, bills inserted into electronic gaming devices in multiple transactions, and jackpots from slot machines or video lottery terminals. The document does not mention specific penalties for non-compliance or violation. Overall, this document aims to ensure transparency and reporting of large currency transactions in casinos and card clubs.
Whom does it apply to?
Casinos and card clubs
What does it govern?
Reports Required To Be Made By Casinos and Card Clubs
What are exemptions?
1. Transactions between a casino and a dealer in foreign exchange, or between a casino and a check casher, as those terms are defined in 1010.100(ff) of this chapter, so long as such transactions are conducted pursuant to a contractual or other arrangement with a casino covering the financial services in paragraphs (a)(8), (b)(7), and (b)(8) of this section; 2. Cash out transactions to the extent the currency is won in a money play and is the same currency the customer wagered in the money play, or cash in transactions to the extent the currency is the same currency the customer previously wagered in a money play on the same table game without leaving the table; 3. Bills inserted into electronic gaming devices in multiple transactions (unless a casino has knowledge pursuant to 1021.313 in which case this exemption would not apply); and 4. Jackpots from slot machines or video lottery terminals.
What are the Penalties?
Not specified in the provided document.
Jurisdiction
U.S. Federal Government