Abstract
In their efforts to track unreported income, Congress passed the Money Laundering Control Act in 1985. Because they are often involved in large cash transactions, casinos were required to report on cash transactions in amounts of $10,000 or more in much the same manner as banks and other financial institutions. However, because of the unique nature of cash and chip transactions within modern casinos, the Act, or state variants of it, have created significant compliance costs for casinos. This analysis examines the implications of the Act for the casino gaming industry, and evaluates some of the recent suggested Amendments to the Act.
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References
Bank Records and Foreign Transactions Act, (1985). Pub. 1. No. 91-508. Casino Regulations, 50 Federal Register 5065(1985), 31 C.F.R. 103.11.
Department of the Treasury, Internal Revenue Service, (1986). Title 26 CFR Parts 1 and 602, Income taxes; Returns relating to cash payments in excess of $10,000 received in a trade or business,Federal Register, September 4, Rules and Regulations.
Department of Treasury, Internal Revenue Service (1989). Title 31 CFR Part 103, Proposed amendments to the Bank Secrecy Act. Regulations regarding reporting and recordkeeping requirements by casinos.
Rose, I.N. (1986). Turning in the high rollers: The impact of the new cash regulations.Nevada Public Affairs Review, 2.
Reno Gazette-Journal, (1990). Money laundering reports, May 20, p. bl.
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Mills, J. The money laundering control act and proposed amendments: Its impact on the casino industry. J Gambling Stud 7, 301–312 (1991). https://doi.org/10.1007/BF01023748
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DOI: https://doi.org/10.1007/BF01023748