🎲Additional Records Retention Requirements for Casinos by FinCEN
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Additional Records To Be Made and Retained by Casinos
Summary
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations applicable to casinos and card clubs. Under these regulations, among other requirements, casinos and card clubs (collectively, casinos) must secure and maintain--with respect to each deposit, account, or line of credit--a record of the name, permanent address, and social security number of the person involved at the time the funds are deposited, the account is opened, or credit is extended. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agencies
- Treasury Department
- Financial Crimes Enforcement Network
Business Impact
$$$ - High
The regulatory notice pertains to the Financial Crimes Enforcement Network's requirement for casinos and card clubs to maintain comprehensive records as stipulated under the Bank Secrecy Act (BSA). This directly impacts compliance and regulatory obligations for these businesses, which must allocate resources for recordkeeping and reporting, thus incurring operational costs.