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New casino winnings reporting?

Discussion in 'Casino Industry Discussion' started by jetset, Jun 28, 2007.

    Jun 28, 2007
  1. jetset

    jetset Ueber Meister CAG

    Senior Partner, InfoPowa News Service
    WASHINGTON, June 28 /PRNewswire-USNewswire

    A new regulation issued by the U.S. Department of the Treasury exempts casinos from having to report currency transactions reports, required for transactions involving $10,000 or more, on jackpots from slot machines, video lottery terminals and other electronic gaming devices.

    This June 26 regulation is significant because it reaffirms the central role played by the Financial Crimes Enforcement Network (FinCEN) in regulating financial transactions involving casino activity in the United States.

    The Internet Gambling Regulation and Enforcement Act, recently introduced by Congressman Barney Frank (D-MA), assigns FinCEN the responsibility to protect consumers and the financial system from the risk of Internet gambling abuses through the introduction of a robust licensing regime.

    "It is clear that FinCEN is already regulating financial transactions involving land-based casinos in the United States," said Jeffrey Sandman, spokesman for the Safe and Secure Internet Gambling Initiative. "It makes sense for FinCEN to extend this role to also monitor and regulate the integrity of the Internet version of the gambling industry."

    In providing the exemptions, FinCEN reiterated its authority over land- based casinos, noting that they are cash-intensive businesses that include providing customer deposit or credit accounts, transmitting and receiving funds transfers directly from other financial institutions, check cashing and currency exchanging. "As such, casinos are vulnerable to abuse by money launderers, terrorist financiers, and tax evaders."

    Safe and Secure Internet Gambling Initiative

    Endorsers of the Initiative include the UC Group and Baker Tilly. Additional endorsers are highlighted on the Safe and Secure Internet Gambling Initiative Web site.

    For more information on the Initiative and to read the testimony RGA submitted to Congress, please visit You must register/login in order to see the link..

    Safe and Secure Internet Gambling Initiative
    CONTACT: Erin Utzinger, +1-202-872-0010, +1-202-872-4860,
    This email is not visible to you., of Safe and Secure Internet Gambling Initiative

    Web site: You must register/login in order to see the link.
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