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MDawg
MDawg
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July 13th, 2021 at 10:39:17 AM permalink
From the original post:

This was from 1996
https://lasvegassun.com/news/1996/jun/09/laundering-laws-keep-casinos-in-check/


Nevada also bars certain transactions the Bank Secrecy Act allows. Specifically, it says casinos can't:

* Exchange more than $2,500 in cash for bills of a larger denomination.

* Issue a casino check in exchange for more than $2,500 in cash.

* Transfer more than $2,500 by wire or other means.


Again, the above were the rules in 1996.

And the rules are MUCH stricter today.
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darkoz
darkoz
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July 13th, 2021 at 10:45:34 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 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.



Well I don't gamble in Vegas.

But where I do gamble I have never been asked where my money comes from.

I certainly wouldn't say using other people players cards lol.
For Whom the bus tolls; The bus tolls for thee
AxelWolf
AxelWolf
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July 13th, 2021 at 10:50:30 AM permalink
Quote: MDawg

From the original post:

This was from 1996
https://lasvegassun.com/news/1996/jun/09/laundering-laws-keep-casinos-in-check/


Nevada also bars certain transactions the Bank Secrecy Act allows. Specifically, it says casinos can't:

* Exchange more than $2,500 in cash for bills of a larger denomination.
Carolina
* Issue a casino check in exchange for more than $2,500 in cash.

* Transfer more than $2,500 by wire or other means.


Again, the above were the rules in 1996.

And the rules are MUCH stricter today.

They can make up whatever strict laws, regulations, prevention methods, special divisions, and task-forces they want, that doesn't mean it's going to prevent it from happening on grand scales. You know, like how the war on drugs actually prevented drugs.
♪♪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 10:51:49 AM permalink
Quote: AxelWolf

Are we talking about laundering or turning small bills into big ones?



The absurdity of drug dealers using casinos for money laundering.
Marcusclark66
Marcusclark66
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July 13th, 2021 at 10:52:07 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



Any player that the casino floor has their id, dob and SS number, will automatically file the forms with no notice or communication with the player. $10,000.00 WITHIN a 24 hour period. The first time an unrated player, non id'd is stopped for hitting the 10k limit (if not SAR) the casino personnel usually approaches with the government form. That is commonly interpreted that all future filings will be the same way, but they are not.

Marcus Clark
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Marcus Clark. Real Person; AKA MarcusClark66. *Professional Casino Security Expert. *Certified Company Firearms Instructor. *Certified Gaming Regulations Interpreter for Corporate Applications. *Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess. *Honorary & Official #1 Fan of the MDawg Adventures Club. *Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members. *Certified Casino Property Entry & Exit Point Analyzer *Baccarat Winning Session Record: 11 out of 11 & 1 out of 1 Mini Session. Baccarat Losing Session Record: 2 Losing Sessions.
AxelWolf
AxelWolf
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July 13th, 2021 at 10:57:59 AM permalink
Quote: billryan

The absurdity of drug dealers using casinos for money laundering.

You might want to do some research on that.

I've read quite a few articles about large-scale money laundering using casinos.

you can start this headline...

River Rock casino accepted $13M in $20s in a month.

That's 13 MILLION in 20's people were getting away with.
♪♪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♪♪
AxelWolf
AxelWolf
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July 13th, 2021 at 11:06:56 AM permalink
Quote: Marcusclark66

Any player that the casino floor has their id, dob and SS number, will automatically file the forms with no notice or communication with the player. $10,000.00 WITHIN a 24 hour period. The first time an unrated player, non id'd is stopped for hitting the 10k limit (if not SAR) the casino personnel usually approaches with the government form. That is commonly interpreted that all future filings will be the same way, but they are not.

Marcus Clark
Real Person; AKA MarcusClark66
Professional Casino Security Expert
Certified Company Firearms Instructor
Certified Gaming Regulations Interpreter for Corporate Applications
Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess
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Baccarat Winning Session Record: 6 out of 6 & 1 out of 1 Mini Session

You guys are confusing what the casinos are supposed to be doing and what they are actually doing. Sure, they do it often and some casinos are more diligent, but I think the percentage is very low on how often and what is actually getting reported.
♪♪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♪♪
darkoz
darkoz
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July 13th, 2021 at 11:07:24 AM permalink
Quote: Marcusclark66

Any player that the casino floor has their id, dob and SS number, will automatically file the forms with no notice or communication with the player. $10,000.00 WITHIN a 24 hour period. The first time an unrated player, non id'd is stopped for hitting the 10k limit (if not SAR) the casino personnel usually approaches with the government form. That is commonly interpreted that all future filings will be the same way, but they are not.

Marcus Clark
Real Person; AKA MarcusClark66
Professional Casino Security Expert
Certified Company Firearms Instructor
Certified Gaming Regulations Interpreter for Corporate Applications
Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess
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Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members
Baccarat Winning Session Record: 6 out of 6 & 1 out of 1 Mini Session



So player puts $2000 into slot. Loses $1900.

Wins $1900 jackpot

Puts $1900 back in slot.

Repeat that four times.

He has to explain to the IRS where he got $10,000 even though he only walked in with $2000?
For Whom the bus tolls; The bus tolls for thee
gamerfreak
gamerfreak
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July 13th, 2021 at 11:07:38 AM permalink
Quote: billryan

Why would anyone try to launder money thru a casino when there are literally thousands of small businesses that have far fewer eyes on them and don't have state regulators all over them.?


A friend told me they were at an AC casino and saw someone putting bills into various machines and cashing out without playing.

He (probably drunkenly) went up to him and asked him where the laundromat was. The guy said nothing and left immediately.
Marcusclark66
Marcusclark66
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July 13th, 2021 at 11:09:21 AM permalink
Quote: MDawg

From the original post:

This was from 1996
https://lasvegassun.com/news/1996/jun/09/laundering-laws-keep-casinos-in-check/


Nevada also bars certain transactions the Bank Secrecy Act allows. Specifically, it says casinos can't:

* Exchange more than $2,500 in cash for bills of a larger denomination.

* Issue a casino check in exchange for more than $2,500 in cash.

* Transfer more than $2,500 by wire or other means.


Again, the above were the rules in 1996.

And the rules are MUCH stricter today.




Different states add their own to be in compliance. I will tell you most of the Midwest casinos dropped that $2,500.00 number to a much lower level, like $300 and $500, especially on paper money exchange, smaller to larger.

Marcus Clark
Real Person; AKA MarcusClark66
Professional Casino Security Expert
Certified Company Firearms Instructor
Certified Gaming Regulations Interpreter for Corporate Applications
Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess
Honorary & Official #1 Fan of the MDawg Adventures Club
Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members
Baccarat Winning Session Record: 6 out of 6 & 1 out of 1 Mini Session
Marcus Clark. Real Person; AKA MarcusClark66. *Professional Casino Security Expert. *Certified Company Firearms Instructor. *Certified Gaming Regulations Interpreter for Corporate Applications. *Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess. *Honorary & Official #1 Fan of the MDawg Adventures Club. *Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members. *Certified Casino Property Entry & Exit Point Analyzer *Baccarat Winning Session Record: 11 out of 11 & 1 out of 1 Mini Session. Baccarat Losing Session Record: 2 Losing Sessions.

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