Title 31 of the Bank Secrecy Act
Casinos must reduce ID fraud and comply with financial regulatory requirements
Title 31 of the Bank Secrecy Act (BSA) was adopted to acknowledge the fact that casino operators perform many of the "bank services" of a financial Institution as defined under the BSA. Banking is arguably the most regulated industry in the world and criminal use of these banking services 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.
Who must comply with Title 31?
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).
Compliance with Title 31 at the casino-employee level is burdensome. Not only is the process of verifying identity difficult (in the U.S., alone, there are over 1,000 “valid” driver license embodiments), but the requirement to maintain identification information for years after the event creates a new pressures from a set of liabilities associated with Federal and State regulations regarding protection of private identity information.
Increase Compliance, Detect Fraud and Stop ID Theft Instantly with Fraud Fighter™
Fraud Fighter™ offers a range of ID Verification solutions which can be layered across a complex operation like a casino to provide the ability to verify, validate or authenticate and store Identification information, depending upon the needs at each individual location. Fraud Fighter solutions are easy to implement and are noninvasive across the casino enterprise without adverse impact to the customer experience.
Click Here for more detailed information about the specific documentary requirements under Title 31