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Can you summarize 31 CFR 1021.410?
Records Required To Be Maintained By Casinos and Card Clubs > Additional records to be made and retained by casinos.
Short Summary
This legal document, found in the Code of Federal Regulations, outlines the records that casinos and card clubs are required to maintain. It applies to all deposits of funds, accounts opened, or lines of credit extended after the effective date of these regulations. Casinos must secure and maintain records of the name, permanent address, and social security number of the person involved in each transaction. For nonresident aliens, the casino must also record the person’s passport number or a description of another government document used to verify their identity. Additionally, the document specifies various records that must be retained by the casino, including records of funds received, bookkeeping entries, deposit and credit account statements, extensions of credit, and instructions involving transactions outside the United States. The document also requires casinos to maintain records required by state and local laws, as well as records used to monitor customer gaming activity. Furthermore, it mandates the retention of a separate record for transactions involving certain types of instruments with a face value of $3,000 or more. Finally, the document states that if records are maintained on computer disk, tape, or other machine-readable media, the necessary materials to access and review those records must also be retained.
Whom does it apply to?
Casinos and card clubs
What does it govern?
Records Required To Be Maintained By Casinos and Card Clubs
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government