Oct 05 2009 Brett Wolf
The Financial Crimes Enforcement Network has published new "frequently asked questions" aimed at helping the casino and gaming industry meet its Bank Secrecy Act obligations. The 25-question-and-answer document addresses a broad range of BSA issues related to gambling facilities.
"This guidance for the gaming industry is part of FinCEN's ongoing and coordinated educational efforts to better inform the industry so that gaming interests have the latest information they need to comply with the Bank Secrecy Act, and ultimately, help law enforcement identify illicit activity," James Freis Jr, director of FinCEN, said when announcing the guidance.
FinCEN first released "frequently asked questions" for casinos in November 2007. The industry has received little guidance since then although three months ago FinCEN issued an advisory warning casinos to take steps necessary to ensure their personnel are not aiding gamblers who want to structure financial transactions.
