Minnesota casino fined $250,000 for not complying with IRS guidelines on Title 31

Although the ad below promotes software, it highlights the failure of casinos [Slot Barns] to adhere to the laws and regulations intended to stop money laundering, among other things --

NEWave Advises North American Casino Gaming Industry on Title 31 Reporting Requirements


LAS VEGAS, NV--(Marketwire - Jun 1, 2011) - A Minnesota casino was recently fined $250,000 for not complying with IRS guidelines on Title 31 reporting requirements. Now auditing and compliance experts NEWave are advising the North American casino gaming industry on Title 31 reporting requirements and the potential cost of non-compliance.

"The U.S. government is absolutely serious about enforcing Title 31 compliance, because it has been found in numerous cases that criminals will try to use casinos to launder money, money which could then be used to fund a variety of heinous crimes," said NEWave COO Tom Bechtel. "The government believes strict compliance with Title 31 guidelines benefits society as a whole, because it stops crimes before they start."

A recently released IRS study found there are critical areas of Title 31 reporting that are frequently missed by casinos, including:

•A Currency Transaction Report (CTR) must be filed within 15 calendar days following the day the reportable transaction occurs.
•A copy of each CTR must be retained by the financial institution for five years.
"We understand Title 31 can be complicated, and complying with all of the Title 31 rules and regulations can be difficult; however, the benefits of Title 31 are worth the trouble. And to help, our myCompliance™ software suite simplifies the reporting and ensures compliance."