mds
mds
Joined: Sep 24, 2013
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March 2nd, 2015 at 7:21:08 AM permalink
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?
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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March 2nd, 2015 at 8:12:41 AM permalink
Keep in mind that the C in CTR stands for Cash.

Your examples of wire transfers and chip deposits do not apply.
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Baccaratfrom79
Baccaratfrom79
Joined: Jan 12, 2015
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March 2nd, 2015 at 8:52:07 AM permalink
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.
Bac79=Hazardous Material and Chemical person correcting other's mistakes. Non AP'er, I can't count cards, low intelligence. Sprinkles magical dust on the cards. Has a lucky monkey. Baby also has a green one. Sum it up: "It's okay just blame me, it's all my fault"! ( No one believes me--so I chose to stop posting)
Gabes22
Gabes22
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March 2nd, 2015 at 9:54:20 AM permalink
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
A flute with no holes is not a flute, a donut with no holes is a danish
waasnoday
waasnoday
Joined: Jan 13, 2015
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March 2nd, 2015 at 1:28:05 PM permalink
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/
1BB
1BB
Joined: Oct 10, 2011
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May 29th, 2015 at 1:47:48 PM permalink
Maybe former House Speaker Dennis Hastert should have read this thread. He just got indicted for structuring. Those CTRs add up!
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi

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