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Can you summarize 31 CFR 1021.320?
Reports Required To Be Made By Casinos and Card Clubs > Reports by casinos of suspicious transactions.
Short Summary
This document governs the reporting requirements for casinos and card clubs regarding suspicious transactions. It applies to all casinos and card clubs. The document specifies that every casino must file a report with FinCEN for any suspicious transaction relevant to a possible violation of law or regulation. The transaction must involve or aggregate at least $5,000 in funds or other assets, and the casino must know, suspect, or have reason to suspect that the transaction is related to illegal activity, is intended to hide or disguise funds derived from illegal activity, is designed to evade requirements of the Bank Secrecy Act, has no apparent lawful purpose, or involves the use of the casino to facilitate criminal activity. The document also outlines the filing procedures, retention of records, confidentiality of SARs, and limitations on liability. There is an exemption for reporting a robbery or burglary that is reported to law enforcement authorities. Failure to comply with the requirements may result in a violation of the Bank Secrecy Act and this chapter.
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?
A casino is not required to file a SAR for a robbery or burglary committed or attempted that is reported to appropriate law enforcement authorities.
What are the Penalties?
Failure to satisfy the requirements of this section may be a violation of the Bank Secrecy Act and of this chapter.
Jurisdiction
U.S. Federal Government