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Can you summarize 4 CACR Division 18, Chapter 5?
California Gambling Control Commission > Accounting and Transaction Approvals
Short Summary
This legal document covers multiple aspects related to cardroom business licensees in California. It requires licensees to establish written policies and procedures in compliance with California’s Unclaimed Property Law, specifically regarding unclaimed chips, cash, cash equivalents, and un-deposited checks. Licensees must also keep records of unclaimed property sent or reported to the State Controller. The document also mandates cardroom business licensees to file reports for each transaction involving currency exceeding $10,000 and maintain reports of currency transactions in accordance with federal regulations. It emphasizes that this requirement does not waive or suspend any other reporting requirements imposed by the Bureau or the Commission. Additionally, the document outlines the financial statements and reporting requirements for licensees, specifying the need for independent accountants’ engagement based on the type of licensee. It also mentions the submission deadline for annual financial statements and the possibility of engaging an independent accountant for fraud audits. Furthermore, the document governs the record retention and maintenance requirements for licensees, including the maintenance of accurate and complete records of financial transactions, players’ banks, credit transactions, and jackpot monies. It also highlights the need for a uniform chart of accounts and accounting classifications. The document introduces definitions for different groups of licensees based on their reported gross revenue and clarifies the term ‘Jackpot administrative fee.’ Lastly, the document mandates cardroom business licensees to submit a completed Cardroom Business License: Gaming Revenue Report within 120 calendar days following the end of their fiscal year. The document references relevant sections of the Business and Professions Code and includes historical filing information.
Whom does it apply to?
Cardroom business licensees in California
What does it govern?
Cardroom business licensees' obligations regarding compliance with California's Unclaimed Property Law, reporting of monetary instrument transactions, financial statements and reporting requirements, and record retention and maintenance requirements
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
Specific penalties for non-compliance or violations are not mentioned in this document.
Jurisdiction
California