La. Admin. Code tit. 42 § III-2731

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-2731 - Currency Transaction Reporting

A. Each licensee and casino operator shall be responsible for proper reporting of certain monetary transactions to the federal government as required by the Bank Records and Foreign Transactions Act, commonly referred to as the "Bank Secrecy Act" of 1970 as codified in 31 USC 5311 - 5323 (Sept. 13, 1982) and 12 USC 1829 (Sept. 21, 1950) and 1951-1959 (Oct. 26, 1970). Specific requirements concerning record keeping and reports are delineated in 31 CFR Chapter X and shall be followed in their entirety. The Bank Secrecy Act of 1970 and the rules and regulations promulgated by the federal government pursuant to the Bank Secrecy Act of 1970 are adopted by reference and are to be considered incorporated herein.

B. Penalties may be assessed against a licensee or casino operator, and any director, partner, official or employee who participated in willful violations of the reporting requirements of the Bank Secrecy Act.

C. All employees of the licensee and casino operator shall be prohibited from providing any information or assistance to patrons in an effort to aid the patron in circumventing any and all currency transaction reporting requirements.

D. A licensee's or casino operator's employees shall be responsible for preventing a patron from circumventing the currency transaction reporting requirements if the employee has knowledge, or through reasonable diligence in performing their duties, should have knowledge of the patron's efforts at circumvention.

E. For each required currency transaction report for casinos (CTRC) or suspicious activity report for casinos (SARC), a clear surveillance photograph of the patron shall be taken and attached to the licensee's or casino operator's copy. If a clear photograph cannot be taken at the time of the transaction, a file photograph of the patron, if available, may be used to supplement the required photograph. The licensee or casino operator shall maintain and make available for inspection each CTRC and SARC, with the attached photographs, for a period of five years.

F. One legible copy of each CTRC shall be forwarded to the division in a manner determined by the division, in accordance with federal deadlines.

G. One legible copy of each SARC shall be forwarded to the division in a manner determined by the division, in accordance with federal deadlines.

H. The licensee and casino operator shall be responsible for maintaining a single log which aggregates all transactions in excess of $3,000 from the various multiple transaction logs. The licensee and casino operator shall include in its internal controls the procedures for recording multiple transactions and aggregating the transactions of individuals or on behalf of individuals to ensure compliance with CTRC and SARC requirements. The internal controls shall include, but are not limited to:

1. all cash transactions in excess of $3,000 shall be recorded on a multiple transaction log and signed by the employee handling the transaction;

2. any multiple transaction log which reflects no activity shall be signed by the supervisor;

3. the employee handling the transaction shall be responsible for accurate and complete log entries. No log entry shall be omitted. Each log entry shall include the date and time, the amount of the transaction, the location of the transaction, the type of transaction, and the name or physical description of the patron;

4. once any patron's cash activity has exceeded $3,000, any and all additional cash activity shall be logged regardless of the amount or location;

5. personnel of the licensee or casino operator shall coordinate their efforts to ensure all cash transactions in excess of $3,000 are properly logged and aggregated;

6. personnel of the licensee or casino operator shall coordinate their efforts to ensure any required currency transaction reports are properly completed;

7. as the $10,000 amount is about to be exceeded, the employee consummating the transaction shall be responsible for obtaining and verifying the patron's identification prior to completing the transaction;

8. all multiple transaction logs shall be turned in to the cage for submittal to the accounting department daily.

I. The information required to be gathered by this Section shall be obtained from the individual on whose behalf the transaction is conducted, if other than the patron.

J. If a patron is unable or unwilling to provide any of the information required for currency transaction reporting, the transaction shall be terminated until the patron provides the required information.

K. A transaction shall not be completed if it is known that the patron is seeking to avoid compliance with currency transaction requirements.

L. Each licensee and casino operator shall report any administrative or criminal proceedings against it alleging a violation pertaining to a cash transaction report, as defined by the Internal Revenue Service, to the division within 10 days of knowledge by the licensee or casino operator of the alleged violation.

M. Any violation of or any administrative or criminal proceedings alleging a violation of a cash transaction reporting requirement in any jurisdiction by a licensee, the casino operator, casino manager or any of their affiliates including all companies with common ownership, shall be reported to the division within 30 days of the notice of violation or proceedings in the jurisdiction.

La. Admin. Code tit. 42, § III-2731

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1653 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.