Cashier Asking for ID on large cash outs

[ConsciousOne]

I was playing in the Bellagio today, and when i went to cash out, someone in front of me was cashing out about 3k in chips. She asked him for ID when he cashed out (he looked around 40). He was confused by it, and i noticed and asked if it was for tax reasons; she responded by saying "im not legally allowed to say why". The only other thing she said was that they had to keep track of it, and she coudlnt say why so people didnt try to get around it.

Does anyone know why this is? I am assuming its for the goverment to keep track of if people are paying their taxes on their winnings?

[nineinchal]

Did he look like a terrorist?

[ConsciousOne]

No

[Assani Fisher]

I was there all last summer and they asked me for my name nearly every time I bought in for a large amount. I thought it was over $5000 only though so $3000 should be ok, but I could be mistaken. Its just standard procedure I think.

[ConsciousOne]

The amount he was cahing out could have been 5k or more, i didn't look very closely.

[Don Olney]

Asking for id when cashing out for $3000 is the S.O.P. at the "B".
Nothing to fear, no reporting to the IRS has been done.

[Twistofsin]

All cash transactions over 10k have to be reported to the Treasury Dept. It was explained to me that multiple transactions in a 24 hr period that total 10k qualify so they track large cashouts to make sure someone isn't bringing < 10k to get around this.

[otter]

Different casinos have different procedures requiring cashouts. Generally about $2500 will raise a flag, but I think it's higher at the Bellagio (the number at Wynn is $2500). They will ask for your ID and record your cashout and your players card number or drivers license number, but you don't necessarily have to show it (or your players card). I've done that many times saying that I left it in the room (of course if it's closer to 8 or over 10k then that's different).

The reason is because if you cashout for 10k or more in a 24 hour period then they have to report it to the IRS. Also don't think that you can cashout 5k now, then come back in an hour and cash another 6k. That's called structuring and it's not legal.

[jba]

the last time I was at the B the limit was 3k. this is cash only, so if you have 5500 and ask for 3 1k chips and cash you won't have to give your name.

[youtalkfunny]

I've posted rants similar to this one before, so you old-timers can skip this one:

"Regulation 6A" was passed in the late 90's. It requires merchants (banks, casinos, jewelers, car dealers, anyone who deals in large cash transactions) to report any customer who pays or receives $10,000 in a day. If the customer makes multiple transactions, the report (the Cash Transaction Report, or CTR) must be filed if the sum is >$10k, so the merchant will log the smaller transactions if they are a threat to go over $10k.

Why does the government feel entitled to this information? "To combat money laundering" was the answer. Nobody bought that line of trash from Day One. Everybody knew this info was going straight to the IRS. The IRS denied this initially, but finally came clean a few years later. "Yeah, you're right, we really have been reading all those CTR's."

I had to put up with this nonsense when I worked in a Las Vegas sportsbook. On Sunday mornings in the fall, I spent more time on this CTR log than I spent on booking football--even though I was certain that none of my bettors were attempting to launder money. I hated this--I never volunteered to be an unpaid Deputy IRS Investigator.

After a few years of this nonsense, the Las Vegas Review Journal reported that over seventy-seven million CTR's had been filed with the Feds nationwide; resulting in less than two-hundred money laundering investigations; resulting in exactly TWO money laundering convictions.

Needless to say, it was about this time that the IRS stepped up and admitted their involvement.

I don't even mind the "money laundering" BS. I'm no fan of the IRS, but I can't argue their need to know some of this stuff.

The part that irks me is the SECRECY. When that Bellagio cashier said that she was prohibited by law from explaining any of this to the customer, she was not making that up. The merchant is not allowed to help the customer "structure" his transactions to "evade" the reporting requirements. She's not allowed to explain this law, or these procedures, even though she knows them inside and out.

WHAT THE HELL IS THIS, COMMUNIST RUSSIA???

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:

--The reporting requirements only include CASH transactions. It should now be clear to you why many tournaments pay the winners in chips.

--At least when I was dealing with this stuff in the 90's, if you refused to hand over your ID, the casino could still complete the transaction if you were still under the $10k ceiling for the day. I'd just write "refused" in the box where I was supposed to write all your info in the log. Note that "refused" won't cut it on a CTR (over $10k); but it was good enough for those who stayed under that number.

Again, things may have changed in the years since then. But if you get asked for ID for a cash transaction under $10k, try to hold out and refuse, just to see what happens. If they don't go for it, at least you tried.

--Finally, I want to rant and rave about "The Bank Secrecy Act".

That's what they call it now. 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.

Again, it's not the reporting requirements that tear me up inside. It's the lying and the secrecy that kill me. What other law can you think of, where the government tries to HIDE FROM YOU the law that affects you?