Suspicious Activity Report by Casinos

I've been reading the rules and regs about how casinos
handle CTR's (Currency Transaction Reports) and SARC's,
Suspicious Activity Report by Casinos. Its very interesting
stuff, and disturbing also. For instance, if you go over
the 10K limit, and they tell you they're filing a CTR on you,
if you in any way object, or try and take the money back, they
have to file a SARC on you. And by law, they cannot tell you
they're doing so. If your buy in's or losses go over 10K in
a 24hr period, a CTR is filed. If you buy in for over 3K, a
file is started on you and they write down all the info on
you they can gather. Height, weight, age, gender, kind
of clothes you wear. If you have given them a players
card, they get all your info off of that. Indeed, if you let the
pit know that you're aware of what a CRT or a SARC
is, they're supposed to file a SARC on you. Apparently
most casinos don't comply with the law nearly as often
as they should, and the IRS has been coming down on them
hard the last couple years.

That because all often US citizens have been guilty of the ultimate sin:

Recreation Without TAXATION !!

No, it's to stop money laundering.

Quote: boymimbo

No, it's to stop money laundering.

Partially. Its also a way to keep track of Joe Blow
Citizen gambler. If you lose 10K and make 30K a
year, the IRS will want to know where the money
came from.

What I find telling is, obviously the casino wants
you ignorant and clueless about how they operate.
But now we see, so does the IRS. If you go to court
over taxes and claim you weren't aware of this or
that law, the IRS will say 'ignorance of the law is
no defense'. Yet in the casino, they want you to
be unaware of the law, and if they find out you know
about it, they want it reported to them. Kind of
gives you the creeps..

At the card room I worked at in CA they started tracking for players buying in $500 or more. A CTR isnt that big of a deal it all goes to some big government processing plant where it gets put in a pile with the thousands of other people who gamble 10k or over.

Banks will report any single-item transaction, i.e., deposit, withdrawal, or cashed check, over $10k too. They've been doing that for years and years and years.

CTRs are not a big deal. I've had several. They do not immediately trigger an audit and they can also help you in the event that you are stopped when carrying a great deal of cash.

If a customer asks, "Are you going to file a form 8300 on me if I only use $9900 cash?" (Form 8300 is the report of over $10000) then I have to file the form and also check the "suspicious transaction" report.

In 25 years, I've actually had law enforcement come and request documents three times. The first one, the guy was embezzling. The second, was a woman who worked the scales at a scrapyard; she was shorting the scale and pocketing the money. The third was a drug dealer. I've checked "suspicious transaction" once, when the guy was a real dick and the money smelled like stash. Nothing ever came of it.

Quote: Mosca

If a customer asks, "Are you going to file a form 8300 on me if I only use $9900 cash?"

In the 90's I took a $9700 insurance settlement
check to my bank and the manager cashed it.
I asked her if it was enough that she had to file
an IRS form, and she was shocked that I knew
about that. I told her it was public knowledge,
I had read it in many places. About 2005, a
teller told me that since 911, they had to fill out
some kind of form for every transaction over 4K.

Here's a really detailed article on the whole subject
of what the casino does.

SARC