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Exclusive: U.S. to require casinos to vet high rollers' funds - sources
Reuters ^
| March 26, 2014
| BY BRETT WOLF
Posted on 03/26/2014 11:55:52 AM PDT by Oldeconomybuyer
U.S. casinos may soon have to vet where their high rollers' funds come from under a requirement being developed by the U.S. Treasury Department, according to two people familiar with the matter.
The move is part of a push to address longstanding regulatory and law enforcement concerns that criminals can use casinos, which have not historically been as closely monitored as banks for compliance with anti-money laundering laws, to convert proceeds of crime into money that appears clean.
Under current law, casinos are required to report suspicious activity. A customer who used a large sum of cash to buy chips, gambled briefly, and then ask to cash out with a casino check, for example, would likely get reported to authorities.
But existing rules do not explicitly require casinos to vet the source of gamblers' funds.
(Excerpt) Read more at reuters.com ...
TOPICS: Constitution/Conservatism; Government; News/Current Events; Politics/Elections
KEYWORDS: irs; obama; treasury
To: Oldeconomybuyer
I get this. I do.
The government doesn’t want a casino to greedily grab your money. Not at least unless the government gets first crack.
2
posted on
03/26/2014 11:59:30 AM PDT
by
Responsibility2nd
(NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
To: Oldeconomybuyer
Somewhere Himmler is chuckling.
3
posted on
03/26/2014 12:00:12 PM PDT
by
2ndDivisionVet
(I will raise $2M for Sarah Palin's next run, what will you do?)
To: Oldeconomybuyer
Well, are Obama Progressive DemoRat approved criminals the source of your dough, or not?
If so, no worries mate, just keep up the Rat campaign contributions.
4
posted on
03/26/2014 12:04:24 PM PDT
by
Navy Patriot
(Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
To: Oldeconomybuyer
If I start coming hope from the casino with checks for $10,000, $20,000 or $50,000 per week, the federales will expect me to pay income tax on those winnings unless I can prove that I wasn't really winning money and then will expect me to show that I actually had the cash to bet and where it came from. That is unless criminals are willing to cut the IRS in for 30% of the "winnings" in tax in order to launder it.
5
posted on
03/26/2014 12:06:38 PM PDT
by
KarlInOhio
(Republican amnesty supporters don't care whether their own homes are called mansions or haciendas.)
To: Oldeconomybuyer
Won’t pass the Senate. Harry Greed is from NV. Harry Greed is funded by casino money. Casinos will oppose this bill. Thus Harry Greed will not allow it to come to the floor.
6
posted on
03/26/2014 12:27:17 PM PDT
by
logic101.net
(How many more children must die on the altar of gun control?)
To: KarlInOhio
Gee Chase ALREADY requires anyone making any size cash deposit to show identification. ANY AMOUNT.
7
posted on
03/26/2014 12:28:22 PM PDT
by
Jaded
(Really? Seriously?)
To: Oldeconomybuyer
Show ‘em your Democrat party card and make dark hints that “it’s for The Campaign”. They’ll leave you alone.
To: Oldeconomybuyer
So they’ll just go to Macao or Monte Carlo or someplace.
To: Jaded
Gee Chase ALREADY requires anyone making any size cash deposit to show identification. ANY AMOUNT.
Would have been tough back when I was dropping store night deposits at around 11:30
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