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.
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.
