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billryan
billryan 
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July 13th, 2021 at 10:16:56 AM permalink
Scarface took place long before the Federals got serious about money laundering. While I'm sure that there are a few rogue operations out there, most banks would not allow you to bring in duffles of cash. Heck, many modern banks don't have vaults big enough to store that kind of cash.
The difference between fiction and reality is that fiction is supposed to make sense.
darkoz
darkoz
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July 13th, 2021 at 10:18:19 AM permalink
Quote: MDawg

If you inflow over 10K cash over a 24 hour period into the casino it must be reported. Which then begs the question of where the cash came from in the first place. Your example doesn't solve anything, does it?



I can tell you now that you are one hundred percent wrong.

I regularly gamble $200 a spin sometimes being down twenty or thirty grand and have had as high as $70,000 in W2-G reporting in a single day. I usually go after Must Hits in this manner.

I have played this way at a number of Casinos. I have never been asked to prove where my money originated from and the IRS is only too happy to accept my tax returns at the end of the year.

When I file my returns there is nothing but W2-G documents. I don't work a regular job. Neither my accountant nor the IRS seems to have a problem with this
For Whom the bus tolls; The bus tolls for thee
MDawg
MDawg
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July 13th, 2021 at 10:19:42 AM permalink
Quote: billryan

Scarface took place long before the Federals got serious about money laundering. While I'm sure that there are a few rogue operations out there, most banks would not allow you to bring in duffles of cash. Heck, many modern banks don't have vaults big enough to store that kind of cash.


Agreed!

I was just using it as an example that supposedly smaller bills are easier (charged less by the money launderers) to rinse than larger.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
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July 13th, 2021 at 10:23:02 AM permalink
Quote: darkoz

I can tell you now that you are one hundred percent wrong.

I regularly gamble $200 a spin sometimes being down twenty or thirty grand and have had as high as $70,000 in W2-G reporting in a single day. I usually go after Must Hits in this manner.

I have played this way at a number of Casinos. I have never been asked to prove where my money originated from and the IRS is only too happy to accept my tax returns at the end of the year.

When I file my returns there is nothing but W2-G documents. I don't work a regular job. Neither my accountant nor the IRS seems to have a problem with this



CTR / SAR are not issued to the player. They are filed secretly with the Dept. of Treasury. You wouldn't know if one had been filed on you, and their filing is mandatory.

Your example was of a drug dealer. I assume you file as some sort of professional gambler so the IRS figures your cash originated from gambling. And from your story, you started with little and built your way up.

The drug dealer example you gave suddenly has $150K in unreported cash! Surely you must understand that for that guy, after the CTRs or SARs are filed against his massive inflow at the casinos, the government is not going to accept that he won whatever from the W2-G legitimately. In other words, you example of a drug dealer arriving at the casino with a sack of of cash and rinsing it without being detected is not on point.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
AxelWolf
AxelWolf
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July 13th, 2021 at 10:26:48 AM permalink
Quote: MDawg

If you inflow over 10K cash over a 24 hour period into the casino it must be reported. Which then begs the question of where the cash came from in the first place. Your example doesn't solve anything, does it?

Most of the time on slots they are not paying attention or keeping track of that.

Someone could easily hit up a bunch of different casinos while playing machines and generate a bunch of W2G's at a very low cost with little or no variance.

There are machines where you can simply put in bills and then cash out and then get a hand pay. They shouldn't issue you a W2G for this, but I have had to fight them to not give me a W2G for accumulated credits. Obviously, that isn't the standard, but if you really wanted to, you would be able to find enough places that would do this.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
billryan
billryan 
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July 13th, 2021 at 10:27:54 AM permalink
All US paper currency is the same size and weight. A bill weighs roughly one gram.
You can fit one million dollars in $100s in a carry-on bag. that weighs 20 pounds.
A million dollars in $20 bills weighs over a hundred pounds and fills two large suitcases
The same amount in $10 bills weighs two hundred pounds and fills four large bags
If it were all in $5 bills, it would be four hundred pounds and fill eight large suitcases.
The difference between fiction and reality is that fiction is supposed to make sense.
darkoz
darkoz
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July 13th, 2021 at 10:29:43 AM permalink
Quote: MDawg

CTR / SAR are not issued to the player. They are filed secretly with the Dept. of Treasury. You wouldn't know if one had been filed on you, and their filing is mandatory.

Your example was of a drug dealer. I assume you file as some sort of professional gambler so the IRS figures your cash originated from gambling. And from your story, you started with little and built your way up.

The drug dealer example you gave suddenly has $150K in unreported cash! Surely you must understand that for that guy, after the CTRs or SARs are filed against his massive inflow at the casinos, the government is not going to accept that he won whatever from the W2-G legitimately. In other words, you example of a drug dealer arriving at the casino with a sack of of cash and rinsing it without being detected is not on point.



Regardless if would not take much to "build" your way up even as a drug dealer.

I don't understand why you have a problem with the $150,000 concept at the slots. It's not uncommon for someone with just 1,000 to make ten thousand dollars in wagers.

No drug dealer NEEDS to show up with $150,000. I don't understand why you keep insisting on that.

He only needs about ten grand probably and will hit his first jackpot. By the end of the day he probably never had more than ten grand in cash at any one time but kept feeding in his wins ALL THE WHILE RACKING UP $150,000 IN W-2G documents. All this while his actual $150,000 from drug dealing is stashed at home or wherever he keeps it
For Whom the bus tolls; The bus tolls for thee
MDawg
MDawg
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July 13th, 2021 at 10:31:02 AM permalink
A drug dealer who has a vast sum in unreported cash is not going to get away with rinsing it at a Nevada casino. Not these days. It's absurd to think that he could.

The last thing he wants is to appear on the radar, and whether via CTR, SAR or W2-G, suddenly he becomes a known entity.

Take a look at the original post, the Nevada casino rules from 1996, even, and then the current ones.
https://wizardofvegas.com/forum/off-topic/off-topic/36179-casino-anti-money-laundering-and-compliance/#post813352
None of that sounds money launderer friendly.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
billryan
billryan 
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Thanks for this post from:
MDawg
July 13th, 2021 at 10:32:30 AM permalink
Quote: MDawg

A drug dealer who has a vast sum in unreported cash is not going to get away with rinsing it at a casino. It's absurd to think that he could.



I knew if I waited long enough, you'd finally post something I can agree with.
The difference between fiction and reality is that fiction is supposed to make sense.
AxelWolf
AxelWolf
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July 13th, 2021 at 10:37:01 AM permalink
Quote: billryan

I knew if I waited long enough, you'd finally post something I can agree with.

Are we talking about laundering or turning small bills into big ones?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

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