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Can you summarize LAAC Title 42, Part III, Chapter 27, Section 2731?
Accounting Regulations > Currency Transaction Reporting
Short Summary
This document pertains to currency transaction reporting requirements for licensees and casino operators in Louisiana. It mandates that licensees and casino operators are responsible for proper reporting of certain monetary transactions to the federal government as required by the Bank Secrecy Act. The document adopts the Bank Secrecy Act of 1970 and its associated rules and regulations. Penalties may be imposed on those who willfully violate the reporting requirements. Employees are prohibited from assisting patrons in circumventing currency transaction reporting requirements. Employees are also responsible for preventing patrons from circumventing the requirements if they have knowledge or should have knowledge of such efforts. Clear surveillance photographs of patrons must be taken and attached to currency transaction reports or suspicious activity reports. The licensee or casino operator must maintain these reports, along with the attached photographs, for a period of five years. Copies of the reports must be forwarded to the division in accordance with federal deadlines. The document also outlines internal controls for recording and aggregating cash transactions in excess of $3,000, including the requirement to obtain and verify a patron’s identification when their cash activity is about to exceed $10,000. The document further specifies reporting obligations for administrative or criminal proceedings related to cash transaction reports. Violations or proceedings alleging violations in any jurisdiction must be reported to the division within 30 days of notice.
Whom does it apply to?
Licensees and casino operators
What does it govern?
Currency transaction reporting
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties may be assessed against a licensee or casino operator, and any director, partner, official or employee who participated in willful violations of the reporting requirements of the Bank Secrecy Act.
Jurisdiction
Louisiana