Casino Anti Money Laundering and Compliance
Quote: billryanI'm sure criminals love working in an environment where cameras capture their every move.
I’m not sure what they were doing, it’s not even my story.
But I think you underestimate the stupidity of low level drug dealers and thieves. The number of people attempting to launder money in casinos, successful or not, is more than zero.
The entire point of cleaning the money is to BE IDENTIFIED.
Why are you arguing anyone playing to clean their money has to be worried about identification?
What would be the point of passing money through a slot machine to clean it and then NOT have it attributed to you?
The only aspect that is questionable is will there be a demand to know where the original cash to gamble with came from.
Again, in order to make $150,000 in wagers a drug dealer DOESN'T NEED $150,000. If he did that means he lost every penny of every single wager he made.
Ridiculous!
He only need ten grand, maybe twenty if he has a bad day. His winning Jackpots will feed him more cash.
The IRS doesn't even want to know how much was lost during play because that means less taxes for them. They want to claim you won every spin.
But no money launderer is walking in with $150,000 to put in the machine. They just need to walk out with $150,000 in W2G
Quote: gamerfreakI’m not sure what they were doing, it’s not even my story.
But I think you underestimate the stupidity of low level drug dealers and thieves. The number of people attempting to launder money in casinos, successful or not, is more than zero.
Combien is French for, “How much?”
I’ve done the same thing before because a wide variety of perfectly legal transactions led me to having a ridiculous number of twenties. Actually, one of those was a ticket redemption machine in a different casino giving me all twenties.
Anyway, I went to the next casino and…I forget if it was $500 or $1,000…but that’s how much in 100’s they’d let me trade my 20’s for. I then went and checked the vulture machines, which I would load with twenties (up to $100) when there was a play. If I lost on the machine, then I’d use twenties to bring the balance back over $100.
Having checked (and played, when applicable) all of the machines with advantageous situations, I then consolidated all of my tickets on the last machine, cashed out, then took my final ticket to the cage and got paid in mostly hundreds.
But have YOU Mission146, yourself personally sat at a slot machine on a given day, fed into it, say $8000. in cash, hit a jackpot of say $1500., and received it in a check in addition to a W2-G? if not, you just wrote a lot based on no personal experience.
It would seem that most of you are SLOTS players. Fine.
I know that at table games a check is issued against cashed in chips only for a NET win, or return of front money made via check or bank wire. And since I am a credit line player only, the only way I can get a check from table game play is for a net win.
Quote: MDawgYes I accept that a guy who has entered say fifteen grand in cash into a slot machine all day long who suddenly hits a jackpot for a million is going to receive a check and a W2-G.
But have YOU Mission146, yourself personally sat at a slot machine on a given day, fed into it, say $8000. in cash, hit a jackpot of say $1500., and received it in a check in addition to a W2-G? if not, you just wrote a lot based on no personal experience.
It would seem that most of you are SLOTS players. Fine.
I know that at table games a check is issued against cashed in chips only for a NET win, or return of front money made via check or bank wire. And since I am a credit line player only, the only way I can get a check from table game play is for a net win.
I have not, but I have personally witnessed someone who had a losing play on a particular progressive machine receive a W2-G, and a check that he requested, when it finally hit.
It also occurs to me that, being a high-roller who plays mostly in high-limit, being well comped, being able to draw markers and having a host would likely lead to your transactions being scrutinized more closely than many other players.
At table games they track the incoming and outgoing carefully and if the table doesn't verify the exact win, you're not getting a check against it. And that tally is ongoing, so if you show up at the cage at end of trip with a pile of chips you're not getting a check for the entire amount unless the sum total of WINs reported at all sessions is equal to or greater than your chip stack.
Quote: MDawgYes I accept that a guy who has entered say fifteen grand in cash into a slot machine all day long who suddenly hits a jackpot for a million is going to receive a check and a W2-G.
But have YOU Mission146, yourself personally sat at a slot machine on a given day, fed into it, say $8000. in cash, hit a jackpot of say $1500., and received it in a check in addition to a W2-G? if not, you just wrote a lot based on no personal experience.
It would seem that most of you are SLOTS players. Fine.
I know that at table games a check is issued against cashed in chips only for a NET win, or return of front money made via check or bank wire. And since I am a credit line player only, the only way I can get a check from table game play is for a net win.
I can verify as a high limit slot player whenever I win over ten thousand ON A SINGLE SPIN I am asked if I prefer cash or check.
This is irregardless of my rated play (which I always do, remember I am a comps hustler) and irregardless of any actual profit.
For example I have been down nearly $18,000, won $18,000 on a bonus round and been offered a choice of a check even though I was a slight loser overall.
Playing $200 a spin slots, it happens more often than you think
Quote: Mission146Combien is French for, “How much?”
I’ve done the same thing before because a wide variety of perfectly legal transactions led me to having a ridiculous number of twenties. Actually, one of those was a ticket redemption machine in a different casino giving me all twenties.
Anyway, I went to the next casino and…I forget if it was $500 or $1,000…but that’s how much in 100’s they’d let me trade my 20’s for. I then went and checked the vulture machines, which I would load with twenties (up to $100) when there was a play. If I lost on the machine, then I’d use twenties to bring the balance back over $100.
Having checked (and played, when applicable) all of the machines with advantageous situations, I then consolidated all of my tickets on the last machine, cashed out, then took my final ticket to the cage and got paid in mostly hundreds.
To be clear, I wasn’t, “Structuring,” anything. If they had asked me to remove all my cash from my wallet and count it for them, I would have done it—-it was all legally acquired.
I simply wanted more hundreds than they were willing to give me so my wallet wouldn’t be so bulky.
