Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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12/19/2007 FinCEN Posts FAQs for Casinos

The Financial Crimes Enforcement Network has posted answers to a number of frequently asked questions regarding the AML responsibilities of casinos. The guidance sometimes repeats prior conclusions, e.g., that tribal gaming establishments offering only bingo are not casinos for purposes of the Bank Secrecy Act, though FinCEN notes that it would have the authority to change this result. Pari-mutuel betting on horse races will receive the same treatment in certain circumstances. The guidance recognizes that a casino may sometimes realize that a Currency Transaction Report—Casino (CTRC) must be filed only by “after the fact aggregation” after the customer has left the facility. If the customer’s identity cannot be determined by checking various records, it should still file the CTRC, which it may have to amend when the customer returns and his or her identity is obtained. If a customer’s activity is found to be suspicious after the fact, the casino must file a Suspicious Activity Report—Casino (SARC), and may delay filing an additional 30 days to identify the suspect, but a SARC must be filed in any case. If the casino has a surveillance photograph of the otherwise unidentified subject, this should be stated in the narrative portion of the SARC. The guidance will be discussed in detail in the January issue of the Monitor.

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