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Casino Regulations Under The Bank Secrecy Act
Casinos in the United States which generate more than $1,000,000 in annual gaming revenues are required to report certain currency transactions to assist the Financial Crimes Enforcement Network (FinCEN) of the Internal Revenue Service (IRS) in uncovering money laundering activities and other financial crimes (including terrorist financing). Although Title 31, also known as the Bank Secrecy Act, was originally focused on financial institutions, criminal use of banking services located within casinos created a need for additional regulations that were specific to casinos. Because large sums of currency are transacted through slot machines, gaming tables, automatic change machines, retail operations and the cage (banks), and with high frequency, the regulations were targeted at transactions in excess of $10,000. Casino regulation has been a topic of debate, prompting the United States Senate to have a hearing before the United States Congress in which Title 31 topics were discuss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino
A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports. and usage ''Casino'' is of Italian origin; the root means a house. The term ''casino'' may mean a small country villa, summerhouse, or social club. During the 19th century, ''casino'' came to include other public buildings where pleasurable activities took place; such edifices were usually built on the grounds of a larger Italian villa or palazzo, and were used to host civic town functions, including dancing, gambling, music listening, and sports. Examples in Italy include Villa Farnese and Villa Giulia, and in the US the Newport Casino in Newport, Rhode Island. In modern-day Italian, a is a brothel (also called , literally "closed house"), a mess (confusing situation), or a noisy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Eve, Certified Public Accountants
Wipfli/Joseph Eve, Certified Public Accountants is an American public accounting firm with approximately 70 employees practicing in 28 states. The firm is unique in that it focuses on the specialty niche of tribal accounting, which accounts for about 95% of its business, and holds about 60 of the US 290 Indian Tribes as clients. On October 1, 2017, Joseph Eve merged with Milwaukee-based Wipfli, one of the top 20 accounting and business consulting firms in the United States. The firm has taken part in events such as testimony about online gaming before the United States Senate Committee on Indian Affairs. In particular, Daniel Akaka, United States Senator representing Hawaiʻi, has shown interest in topics such as Indian and Internet Gaming, and has held oversight meetings with Joseph Eve's partner Grant Eve as an expert witness in the oversight hearing on the future of internet gaming and what is at stake for tribes in November 2011. The National Indian Gaming Association's whitepap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exploding Dye Pack
An intelligent banknote neutralisation system (IBNS) is a security system which protects valuable items by rendering them unusable or easily detectable if an unauthorised individual tries to gain access to them. Dye packs are commonly used to safeguard currency against bank robberies in this manner; when such a pack is taken out of the bank, it releases an indelible dye that stains the money with a conspicuous bright color, making it easy to recognise as stolen. Bonding agents (glues) have been used more recently as alternative degradation agents. Well-neutralised banknotes cannot be brought back into circulation easily. They can be linked to the crime scene and restricted procedures are in place to exchange them at the financial institution. This makes stealing neutralised banknotes uneconomical and impractical. The IBNS removes the anticipated reward of the crime and increases the risk of being caught. This not only foils the theft but acts as a deterrent against further attacks. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Robbery
Bank robbery is the criminal act of stealing from a bank, specifically while bank employees and customers are subjected to force, violence, or a threat of violence. This refers to robbery of a bank branch or teller, as opposed to other bank-owned property, such as a train, armored car, or (historically) stagecoach. It is a federal crime in the United States. According to the Federal Bureau of Investigation's Uniform Crime Reporting Program, robbery is "the taking or attempting to take anything of value from the care, custody, or control of a person or persons by force or threat of force or violence or by putting the victim in fear." By contrast, burglary is "unlawful entry of a structure to commit a felony or theft." Overview Places Bank robbery occurs in cities and towns. This concentration is often attributed to there being more branches in urban areas, but the number of bank robberies is higher than the number of branches. This has advantages both for bank robbers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suspicious Activity Report
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is unusual for that particular client; or appears to be done only for the purpose of hiding or obfuscating another, separate transaction. The report is filed with that country's financial crime enforcement agency, which is typically a specialist agency designed to collect and analyse transactions and then report these to relevant law enforcement. Front line staff in the financial institution have the responsibility to identify transactions that may be suspicious and these are reported to a designated person that is responsible for reporting the suspicious transaction. This means that the front line staff can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Evasion
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance, as they desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Criminal
In ordinary language, a crime is an unlawful act punishable by a state or other authority. The term ''crime'' does not, in modern criminal law, have any simple and universally accepted definition,Farmer, Lindsay: "Crime, definitions of", in Cane and Conoghan (editors), ''The New Oxford Companion to Law'', Oxford University Press, 2008 (), p. 263Google Books). though statutory definitions have been provided for certain purposes. The most popular view is that crime is a category created by law; in other words, something is a crime if declared as such by the relevant and applicable law. One proposed definition is that a crime or offence (or criminal offence) is an act harmful not only to some individual but also to a community, society, or the state ("a public wrong"). Such acts are forbidden and punishable by law. The notion that acts such as murder, rape, and theft are to be prohibited exists worldwide. What precisely is a criminal offence is defined by the criminal law of each r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino Chip
Casino tokens (also known as casino or gaming chips, checks, cheques or poker chips) are small discs used in terms of currency in casinos. Colored metal, injection-molded plastic or compression molded clay tokens of various denominations are used primarily in table games, as opposed to metal token coins, used primarily in slot machines. Casino tokens are also widely used as play money in casual or tournament games. Some casinos also use rectangular gaming plaques for high-stakes table games ($25,000 and above). Plaques differ from chips in that they are larger, usually rectangular in shape and contain serial numbers. Use Money is exchanged for tokens in a casino at the casino cage, at the gaming tables, or at a cashier station. The tokens are interchangeable with money at the casino. Generally they have no value outside of the casino, but certain businesses (such as taxis or waiters—especially for tips) in gambling towns may honor them informally. Tokens are employed for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash
In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash is seen either as a reserve for payments, in case of a structural or incidental negative cash flow or as a way to avoid a downturn on financial markets. Etymology The English word "cash" originally meant "money box", and later came to have a secondary meaning "money". This secondary usage became the sole meaning in the 18th century. The word "cash" derives from the Middle French ''caisse'' ("money box"), which derives from the Old Italian ''cassa'', and ultimately from the Latin ''capsa'' ("box").. History In Western Europe, after the fall of the Western Roman Empire, coins, silver jewelry and hacksilver (silver objects hacked into pieces) were for centuries the only form of mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blackjack
Blackjack (formerly Black Jack and Vingt-Un) is a casino banking game. The most widely played casino banking game in the world, it uses decks of 52 cards and descends from a global family of casino banking games known as Twenty-One. This family of card games also includes the British game of Pontoon, the European game, Vingt-et-Un and the Russian game Ochko. Blackjack players do not compete against each other. The game is a comparing card game where each player competes against the dealer. History Blackjack's immediate precursor was the English version of '' twenty-one'' called ''Vingt-Un'', a game of unknown (but likely Spanish) provenance. The first written reference is found in a book by the Spanish author Miguel de Cervantes. Cervantes was a gambler, and the protagonists of his " Rinconete y Cortadillo", from ''Novelas Ejemplares'', are card cheats in Seville. They are proficient at cheating at ''veintiuna'' (Spanish for "twenty-one") and state that the object of the gam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Transaction Report
A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000. Used in this context, currency means the coin and/or paper money of any country that is designated as legal tender by the country of issuance. Currency also includes U.S. silver certificates, U.S. notes, Federal Reserve notes, and official foreign bank notes. History When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. The Bank Secrecy Act requires financial institutions to report currency transaction amounts of over $10,000. Procedure When a transaction i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Currency Exchange
A bureau de change (plural bureaux de change, both ) (British English) or currency exchange (American English) is a business where people can exchange one currency for another. Nomenclature Although originally French, the term "bureau de change" is widely used throughout Europe and French-speaking Canada, where it is common to find a sign saying "exchange" or "change". Since the adoption of the euro, many exchange offices have started incorporating its logotype prominently on their signage. In the United States and English-speaking Canada the business is described as "currency exchange" and sometimes "money exchange", sometimes with various additions such as "foreign", "desk", "office", "counter", "service", etc.; for example, "foreign currency exchange office". Location A bureau de change is often located at a bank, at a travel agent, airport, main railway station or large stores—namely, anywhere there is likely to be a market for people needing to convert currency. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
