Burden, or Benefit?
Of course it isn't that easy anymore. The U.S. has developed a comprehensive anti-money-laundering (AML) program, with Title 31 Bank Secrecy Act of 1970 central to government's efforts. The BSA requires financial institutions of all kinds, including casinos and “card clubs” with over $1 million in gaming revenue, to document any single-day transactions over $10,000, in addition to reporting “suspicious activity” of any amount.
This is the first in a series of articles discussing the challenges faced by casinos - regarding both compliance with regulatory requirements and prevention of losses resulting from fraudulent theft. At the conclusion of this series of articles, we will be hosting a Webinar on the topic of Title 31 Compliance and offering a free download of a "Best Practices in Casino Regulatory Compliance" whitepaper.