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#11
05-09-2007, 03:46 PM
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Re: Cashier Asking for ID on large cash outs
youtalkfunny, you may now step down...
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#12
05-09-2007, 03:57 PM
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Re: Cashier Asking for ID on large cash outs
[ QUOTE ]
By the way, I'm not a merchant, so I don't think there's any law that prohibits ME from helping you guys around this: [/ QUOTE ] Actually, an individual advising someone on how to get around these requirements can get up to 1 year in the joint. Yeah, Yeah, I know, freedom of speech and all that.
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#13
05-09-2007, 04:12 PM
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Re: Cashier Asking for ID on large cash outs
[ QUOTE ]
youtalkfunny, you may now step down... [/ QUOTE ] Funny [img]/images/graemlins/grin.gif[/img]
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#14
05-09-2007, 04:32 PM
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Re: Cashier Asking for ID on large cash outs
[ QUOTE ]
"Regulation 6A" was passed in the late 90's. [/ QUOTE ] [ QUOTE ] From the administration that gave us "The Clean Air Act" that doesn't clean air, "The No Child Left Behind Act" that is leaving behind children at an alarming rate, and "The Patriot Act", which would make the original Patriots spin in their graves if they knew it was named for them, comes "The Bank Secrecy Act", which shatters any confidentiality between you and your bank. [/ QUOTE ] Nice rant. Wrong Administration.
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#16
05-09-2007, 05:00 PM
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Re: Cashier Asking for ID on large cash outs
Regulation 6A was a Nevada regulation, not Federal.
It was passed in 1985. The Gaming Control Board and the Nevada Gaming Commission entered into an agreement with the U.S. Department of the Treasury exempting Nevada casinos from cash reporting and recordkeeping requirements of Title 31 of the Bank Secrecy Act. It has been dropped because of changes in Title 31 created by the Patriot Act.
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#17
05-09-2007, 05:18 PM
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Re: Cashier Asking for ID on large cash outs
Has anyone here been asked for ID with regards to a cash out under 10k in an Atlantic City casino?
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#18
05-09-2007, 07:10 PM
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Re: Cashier Asking for ID on large cash outs
http://www.irs.gov/compliance/enforc...113003,00.html
15 million financial institution CTR's in 2006 738K casino CTR's 162K cash payments >$10K received in trade or business 563K suspicious activity reports from financial insitututions 7K SARs from casinos They're obviously so flooded with paperwork they can't sift through it. Tourneys paying in chips instead of cash doesn't really stop the CTR paperwork...it just foists it on the cage instead of the TD. But they're (usually) well-equipped to handle it quickly and quietly. Wynn poker cage took like 5 minutes once to manually scribble one line in a book when I cashed out $5K--dunno if that's normal or if the guy was just inept. Other places have just demanded my player's card and/or ID and done a quick swipe as I cashed in chips--no fuss.
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#19
05-09-2007, 07:59 PM
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Re: Cashier Asking for ID on large cash outs
On transactions $3001-10,000 the casino fills out a "MTL" which is a multiple transaction log. This is designed to keep track of your daily cash transactions in case you try to break up a large amount of cash into several transactions to get around the laws.
$10,001+ transactions get the old "CTR" or cash transaction report, which goes to the IRS. Getting one of these filed doesn't necessarily mean you will pay taxes on that money, but remember who you are dealing with. If you don't have good records of your wins and losses you may get the shaft. If you ask, the casino has pamphlets that splain it all to ya. They should instantly offer one of these when you start asking questions, not give you a bunch of vague answers. Beyond what's in that pamphlet you won't find casino employees very helpful, and they sure won't tell you how to get around the laws. I'm certainly not going to splain it either, not when you could lose your gaming licence. Once you have a players card it should be quick and easy every time, as you need ID to get the card.
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