Currency transaction report (CTR)

Some friends and I just saw an article on CTR's.. We thought this would be the place for answers other than calling the IRS.

Lets say you bring in 9700 in cash to the cage at 10am deposit it and go play. . No CTR we know. You take out a 5000 marker, play and win 5001. You take the 5001 in chips to the cashier and put it back on deposit. CTR due to the 24 hour rule?

Or, You wire 25k to the casino, you take out a marker for 11k, color up and take the chips to the cage for redeposit, Same answer as above?

Or, deposit 9900 in cash. 21 hours later you deposit 3000 in cash. CTR?

Or, you saved some chips from a previous trip. Come and deposit 15k in chips, is that a CTR?

Does the cashier fill out the form every time someone gives 10k or more every time! No matter what? Does the computer automatically notify their business office upstairs to fill out a form?

Is the time clock for a 24 hour period 12:01 midnight to 12:01 midnight? Or from the time of deposit?

Don't you think in this day and age 10k cash just isn't that much to have this law in effect? Probably 50k is more reasonable. If a drug lord or some nut wants to rip off society they would be doingit with more cash than 10k in cash?

Keep in mind that the C in CTR stands for Cash.

Your examples of wire transfers and chip deposits do not apply.

They can do a CTR or an LTR/SAR any time they want and you may not even know, you don't sign them if they have your id and SS anyways.

I do FM greater than 10k all the time and never hear anything.

But my understanding and the way it was explained to me by senior cage management is anytime I hand them at one time or collectively thorough out a casino day (varies around the country) per 24 hour period that is, $10,000.00 or more, a CTR will be generated. Anytime I receive amounts collectively of $10,000.00 or greater in a casino day, I will also have a CTR generated.

As said in the above post, wires, chips, etc., any transaction NOT involving cash, means nothing.

I was told by The Bellagio, if you obviously are trying to avoid a CTR and asking your buy in amounts and displaying signs of circumventing the CTR, they usually fill out a LTR which is also classified as a suspicious report, etc. Example, you won or have much more than $10k of chips and you count them out in front of the HL cashier and you hand her $9,500.00., etc.

What the Bellagio is referring to is called (IRS/Dept. of Justice) 'structuring'. Whereas the customer/player is attempting to structure various transactions to circumvent a CTR. For example, you have more than $10k in chips and you go to cash out, and then you say, "sorry I only want to cash $9,000.00 or $5,000.00 out". By law, they are supposed to do a LTR or a SAR (suspicious activity report) because of 'structuring'.

Fact is, if you are not ID'd, cash out amount well under $10k and don't let anyone see you hand the chips off to anyone else, etc. Come back another day and clearly well past the 24 hour mark. Not one min after the casino day. Almost ay property will still have the right to do a SAR on you.

I cannot speak of at the cage of a casino because the most I have cashed out in a casino is far less than 10K, however, being in the automobile industry, there is a whole mess of paperwork that is added on every time a cash transaction takes place for more that $10,000

Baccaratfrom79 response looks to have answered the questions but here is a link to the government website with all the CTR, SAR, MTL, and all other things Title 31 related. http://www.fincen.gov/

Maybe former House Speaker Dennis Hastert should have read this thread. He just got indicted for structuring. Those CTRs add up!