NEW REGULATIONS EFFECTIVE 7-1-2007

NASHVEGAS

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IIRC, Easy Rhino and I discussed this law (prior to this recent change) in the Playboy/Porn thread several weeks ago. There was mention of both $10K and $3K as well as the ID requirements but this new regulation should clarify the current situation. If thread needs to be moved (or this has been posted-sorry) , c'est la vie but international visitors may be interested also.FROM:BlackjackInfo.com Newsletter: Issue 33 (July 6, 2007) New regulations cause more ID checks in Nevada casinos
Starting July 1st, you may find that you're asked for ID in a lot more situations at Las Vegas casinos. A previous Nevada state regulation governing cash transactions has been abolished, and the Nevada casinos now join those in New Jersey, Mississippi, and many other states in having to adhere to Federal Title 31 instead. This law classifies casinos as Money Service Businesses, and that brings more restrictive regulations concerning large cash transactions.

As a result, you are now likely to be asked to show ID at the cashiers cage if you are cashing chips of $3000 or more. The reason is to enable enforcement of the requirement that a Currency Transaction Report (CTR) be filed in some circumstances. The IRS requires this form to be filed whenever a patron has executed cash transactions totalling $10,000 or more in a single day. Since you might make multiple transactions during the day, the casino is required to begin tracking your buy-ins and cash-outs of $3000 or more. In the past, under the now-abolished Nevada Regulation 6A, casino employees were allowed to merely note a description of the person. Now, under Title 31's stricter guidance, those same casino employees are required to ask for ID, and retain a record of the transaction for five years.

This means less anonymity available to big players, and likely means the lines at the cashier will be just a bit longer. If you're concerned, try to keep your cash-ins under the $3000 trigger. However, be aware that intentionally structuring your transactions to avoid the $10,000 reporting requirement is viewed as a serious crime.
 

SlotMonster

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Example: you have 5000$ of chips.
Your goal - cashin with no ID's.
So...just split 5000$ on 2x2500$ (<3000$). You'll see - it's easy :)
 

SlotMonster

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Just take 1-2-3 your friends with you - and your turban will be in safe ;)
 

happygobrokey

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this thread has nothing to do with online casinos. or do we think there's also a threshold where the online joints wouldn't and then would be asking for id?
 

EasyRhino

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For many online casinos, that threshold where they ask for ID seems to be one penny. :)

The law doesn't directly apply to online casinos, as it is meant to refer to cash transactions. Online casinos have enough problems with other laws.
 

happygobrokey

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i thought it was a joke, like the turban is a dead giveaway to ask for papers...

or even arbitrarily arrest them and seize their chips under the if-you-ain't-white-you're-no-patriot act
 

MarcyW

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I was in Vegas two weeks ago for the world series and cashed out $4000 and didnt get asked for anything at all.
 

NASHVEGAS

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I was in Vegas two weeks ago for the world series and cashed out $4000 and didnt get asked for anything at all.
Yep, it appears that this is being done selectively if at all as I have been in Tunica since the 4th of this month and have had much higher buy-ins and cash-outs than the threshold amounts mentioned at 2 casinos that I do not frequent and refused a players card and I never was questioned. Surprizingly, one cash out was over $30K and was asked for nothing. I bet they have a mug shot of moi at the cage though.
 

EasyRhino

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Nevada used to go by a state regulation (6A) and just shifted to the national regulation (Title 31).

Shouldn't effect Tunica at all, I wouldn't think.
 

NASHVEGAS

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Nevada used to go by a state regulation (6A) and just shifted to the national regulation (Title 31).

Shouldn't effect Tunica at all, I wouldn't think.
Point being that 31 is obviously loosely enforced in Mississippi and this may or may not be the case in Nevada. Only time will tell.........has nothing to do with 31 but UIGEA as far as enforcement is vague like the Act itself.
 
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