Currency transaction report casino software#

Currency transaction report casino software#

Such software updates should be implemented within a reasonable period of time.

If a filing has been submitted in which such information was not included because of such a limitation in the filing software, an amended filing should be completed using either the discrete filing method or an amended batch filing, once the software is updated. In general, if your financial institution’s filing software does not permit the institution to include information in a field without an asterisk where information has been collected and is pertinent to the report, the financial institution should instead complete a discrete filing for those transactions until the software is updated. Therefore, a financial institution may leave non-critical fields without an asterisk blank when information is not readily available.įinCEN expects financial institutions to have the capability to submit information for any of the data fields in the FinCEN CTR or SAR (or any other FinCEN report). However, the new FinCEN SAR and FinCEN CTR do not create any new obligations to collect data, either manually or through an enterprise-wide IT management system, where such collection is not already required by current statutes and regulations, especially when such collection would be in conflict with the financial institution’s obligations under any other applicable law. Based upon feedback from law enforcement officials, such information is important for query purposes. Investigators found a stash of nearly $8,000 in a suitcase in the defendant’s home.Ī judge sentenced the defendant to 10 to 30 years in prison and ordered him to pay more than $2 million in restitution.As explained in FinCEN’s March 2012 guidance ( FIN-2012-G002 ), for both critical and non-critical elements, financial institutions should complete those Items for which they have relevant information, regardless of whether or not the individual Items are deemed critical for technical filing purposes.įor critical Items, financial institutions must either provide the requested information or affirmatively check the “Unknown” (Unk.) box that is provided on the FinCEN CTR and FinCEN Suspicious Activity Report (SAR) (or any other FinCEN Report).įor non-critical Items, FinCEN expects financial institutions will provide the most complete filing information available within each report consistent with existing regulatory expectations. In a news release, the district attorney said that upon being alerted last year of the embezzlement, he and a sheriff’s detective began working to freeze the defendant’s bank accounts and search his home. The defendant gambled away most of the stolen money at local casinos where he enjoyed the perks of a high roller. The stolen money was from a water utility fund comprised of payments received from thousands of ratepayers and developers.

The defendant admitted to a scheme in which he created dummy companies with corresponding bank accounts and falsified documents for the companies’ sales to the county of bogus water well capacity rights. The records, which were filed over a period of 2 ½ years, included transactions in amounts of more than $70,000 and helped investigators determine the disposition of the stolen funds. The defendant established several shell corporations to bilk a county for water well capacity rights.Īs part of the investigation, investigators queried the BSA database and discovered more than 100 Casino CTR filings on the defendant.

A man with a compulsive gambling addiction embezzled millions of dollars from a public utility and lived the life of a “high roller” for several years before being caught.