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FinCEN Clarifies Bank Secrecy Act Requirements for Casinos
printThe U.S. Treasury Department issued guidance on the obligations of casinos under the Bank Secrecy Act, including procedures for filing currency transaction reports when the business lacks complete information on customers. The guidance, published Thursday by the Treasury Department's Financial Crimes Enforcement Network (FinCEN), follows the June 30 repeal of a Nevada gaming regulation that exempted some casinos from BSA requirements. Casinos are required to keep records of cash-in and cash-out transactions of more than $10,000, even those that are lost. Because customers that engage in such transactions could leave a casino without supplying personal information, such as their Social...
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