United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-01-04 monographic deposited born digital 55 p. GA 1.13:GGD-96-28 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-96-28 P0b002ee18038aa4f f:gg96028 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GGD-96-28 machine generated eng fdlp REPORT GAOREPORTS-GGD-96-28 GGD-96-28 Financial institutions Reporting requirements Indian affairs legislation Tax law White collar crime Compliance Banking regulation Law enforcement Currency and coinage Indian lands IRS Currency and Banking Retrieval System Nevada Treasury Financial Crimes Enforcement Network Treasury Currency Transaction Report Treasury Currency Transaction Incidence Report Atlantic City (NJ) Other Written Product GGD Pursuant to a congressional request, GAO examined: (1) the extent of legalized gaming in the United States; (2) currency transaction reporting requirements for casinos; (3) whether the same transaction reporting requirements apply to tribal casinos; and (4) the Internal Revenue Service's (IRS) efforts to ensure that casinos are complying with currency transaction reporting requirements.<p/>GAO found that: (1) 48 states permit some form of legalized gaming, including riverboat casino gaming and Indian gaming; (2) the amount of cash wagered annually in casinos has grown from $117 billion in 1984 to $407 billion in 1994; (3) the Bank Secrecy Act (BSA) requires casinos to report currency transactions over $10,000, obtain additional identifying information about customers opening a line of credit, and develop BSA compliance programs that meet certain requirements; (4) although Nevada casinos report customers that purchase chips in cash amounts over $10,000, they do not report customer identification information on verified winnings over $10,000 or cash exchanges involving small denomination bills over $2,500; (5) tribal casinos are not subject to BSA, but they must report currency transactions in accordance with the Internal Revenue Code (IRC) provision regarding cash received in a trade or business; (6) IRS has made efforts to educate tribal casino officials on IRC reporting requirements to ensure that they are complying with federal regulations; (7) IRS needs to use its enforcement resources to complete compliance reviews of other nonbank financial institutions and to ensure that individuals and businesses are complying with tax laws; and (8) new BSA regulations will relieve some of the pressure on IRS by requiring casinos to take a more active role in ensuring their own compliance with BSA. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-96-28/html/GAOREPORTS-GGD-96-28.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-96-28/pdf/GAOREPORTS-GGD-96-28.pdf GAO/GGD-96-28 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-96-28 Other Written Product GAO/GGD-96-28; Money Laundering: Rapid Growth of Casinos Makes Them Vulnerable; Financial institutions Reporting requirements Indian affairs legislation Tax law White collar crime Compliance Banking regulation Law enforcement Currency and coinage Indian lands IRS Currency and Banking Retrieval System Nevada Treasury Financial Crimes Enforcement Network Treasury Currency Transaction Report Treasury Currency Transaction Incidence Report Atlantic City (NJ) Volume 84 Page 1114 84 Stat. 1114 Volume 102 Page 2467 102 Stat. 2467 Volume 108 Page 2243 108 Stat. 2243 Public Law 91-508 Public Law 100-497 Public Law 103-325