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NEW REGULATIONS EFFECTIVE 7-1-2007

Discussion in 'Online Casinos' started by NASHVEGAS, Jul 9, 2007.

    Jul 9, 2007
  1. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin,

    Occupation:
    LOL
    Location:
    MERS
    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.
     
  2. Jul 9, 2007
  3. SlotMonster

    SlotMonster SoftSwiss Representative webmeister

    Occupation:
    Manager
    Location:
    Somewhere in eternity
    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 :)
     
  4. Jul 9, 2007
  5. tennis_balls

    tennis_balls Dormant account

    Occupation:
    fish n chips promoter
    Location:
    Albuquerque, NM
    yes....also be sure to remove your turban before proceeding to the cashier.
     
    4 people like this.
  6. Jul 9, 2007
  7. SlotMonster

    SlotMonster SoftSwiss Representative webmeister

    Occupation:
    Manager
    Location:
    Somewhere in eternity
    Just take 1-2-3 your friends with you - and your turban will be in safe ;)
     
  8. Jul 9, 2007
  9. happygobrokey

    happygobrokey Dormant account

    Occupation:
    student of life
    Location:
    canada
    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?
     
  10. Jul 9, 2007
  11. EasyRhino

    EasyRhino Dormant account

    Occupation:
    Analyst
    Location:
    San Diego
    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.
     
  12. Jul 9, 2007
  13. Kaynos72

    Kaynos72 Dormant account

    Occupation:
    My job sucks
    Location:
    Quebec, Canada
    No need for friends a turban can contain many casino chips. :D
     
  14. Jul 10, 2007
  15. happygobrokey

    happygobrokey Dormant account

    Occupation:
    student of life
    Location:
    canada
    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
     
  16. Jul 13, 2007
  17. MarcyW

    MarcyW Dormant account

    Occupation:
    mom
    Location:
    midwest
    I was in Vegas two weeks ago for the world series and cashed out $4000 and didnt get asked for anything at all.
     
  18. Jul 14, 2007
  19. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin,

    Occupation:
    LOL
    Location:
    MERS
    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.
     
  20. Jul 14, 2007
  21. EasyRhino

    EasyRhino Dormant account

    Occupation:
    Analyst
    Location:
    San Diego
    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.
     
  22. Jul 14, 2007
  23. silkprint

    silkprint Dormant account

    Occupation:
    Yup ...I work
    Location:
    Mass
    Cool beans Nash ! Great win .
     
    1 person likes this.
  24. Jul 14, 2007
  25. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin,

    Occupation:
    LOL
    Location:
    MERS
    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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