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Can you summarize 31 CFR Part 1021?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR CASINOS AND CARD CLUBS
Short Summary
The provided legal document content outlines the regulations, reporting requirements, recordkeeping requirements, special information sharing procedures, and special standards of diligence, prohibitions, and special measures for casinos and card clubs. It clarifies the meanings of various terms used in the regulations and provides definitions for terms such as business year, casino account number, customer, gaming day, and machine-readable. The document emphasizes the need for casinos to implement and maintain a compliance program to ensure adherence to the regulations set forth in 31 U.S.C. chapter 53, subchapter II and the regulations contained in this chapter. It also outlines the reporting requirements for transactions in currency and suspicious transactions, as well as the recordkeeping requirements for casinos. The document mentions the special information sharing procedures implemented to deter money laundering and terrorist activity in casinos and card clubs, as well as the special standards of diligence, prohibitions, and special measures that apply to them. However, no specific exemptions or penalties are mentioned in the provided document.
Whom does it apply to?
Casinos and card clubs
What does it govern?
Regulations for casinos and card clubs
What are exemptions?
Exemptions include transactions 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, jackpots from slot machines or video lottery terminals, and reporting a robbery or burglary to law enforcement authorities.
What are the Penalties?
The document does not specify any penalties for non-compliance or violation.
Jurisdiction
U.S. Federal Government