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Can you summarize 31 CFR Part 1021, Subpart C?
RULES FOR CASINOS AND CARD CLUBS > Reports Required To Be Made By Casinos and Card Clubs
Short Summary
The provided legal document content outlines the reporting requirements for casinos and card clubs regarding transactions in currency and suspicious transactions. It applies to all casinos and card clubs. For transactions involving cash in or cash out of more than $10,000, each casino is required to file a report. The document provides a detailed list of transactions falling under cash in and cash out categories. Certain transactions are exempted, such as 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. Reporting a robbery or burglary to law enforcement authorities is also exempted. The document does not specify the penalties for non-compliance or violation. Additionally, the document governs the reporting requirements for suspicious transactions. It mandates that every casino must file a report with FinCEN for any suspicious transaction involving or aggregating at least $5,000 in funds or other assets. 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 provides information on filing procedures, retention of records, confidentiality of SARs, and limitations on liability. 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?
Reporting requirements for casinos and card clubs regarding transactions in currency and suspicious transactions
What are exemptions?
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. Reporting a robbery or burglary that is reported to law enforcement authorities is also exempted.
What are the Penalties?
The document does not mention specific penalties for non-compliance or violation.
Jurisdiction
U.S. Federal Government