The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)will hold four regional meetings this summer to provide an opportunity for casino industry representatives and other members of the public to comment on a proposed rule announced inMay which would require casinos and card clubs to report suspicious activity. The meetingswill be held on July 14 in New Orleans, July 23 in Chicago, August 6 in Scottsdale, AZ andSeptember 9 in New York City.
Under the proposal, state-licensed and tribal casinos and card clubs with more than $1million in gross annual gaming revenue are required to report to FinCEN suspicious activity involving transactions of $3,000 or more. Suspicious activity involves financialtransactions which a casino or card club knows, suspects, or has reason to suspect arelinked to illegal activity or have no legitimate purpose. The proposal was issuedunder the authority of the Bank Secrecy Act (BSA) -- Treasury’s key tool in the fightagainst money laundering, financial fraud and tax evasion.
FinCEN has also been working with representatives from federal law enforcement, stateand tribal gaming regulators and the gaming industry on a document for casinos to use inidentifying suspicious activity. The document lists examples of how a casino’sfinancial services might be used for illicit purposes and will be released at themeetings.
The meetings are not intended as a substitute for submitting written comments on theproposal. The comment period closes on September 15.
Meetings are scheduled in the following locations:
|July 14 - New Orleans, LA||July 23 - Chicago, IL|
|The Westin Canal Place||Holiday Inn, Chicago City Centre|
|100 Rue Iberville||300 E. Ohio Street|
|August 6 - Scottsdale, AZ||September 9 - New York City|
|Scottsdale Hilton||New York Hilton and Towers|
|6333 N. Scottsdale Road||1335 Avenue of the Americas|
To register to attend one of the meetings, or for additional information, pleasecontact Anna Fotias at FinCEN at (703) 905-3695. For each meeting, sign-in andinformational packets will be available from 8:00 a.m. to 9:00 a.m. All meetings will beheld from 9:00 a.m. to 12:30 p.m.