Clearing Stuff up
I work on a riverboat casino in the Midwest. I have family and friends that work on other boats too, and the general policies are universal. I won't name where, but here are the policies regarding cash transactions...
At $3000 CASH transaction the paperwork will start. In the pit if you buy in for $3000 you will automatically have the paperwork started. Key word CASH. When you redeem your chips for CASH and the amount is over $3000, they will fill out a MTL (Multiple Transaction Log) This is the point you are on the radar. There are several MTL's filled out throughout the day so it's really nothing to sweat. Internal paperwork is all.
You can refuse ID (But I honestly don't recommend it as it will make you a surveillance celebrity)
At $10,000.01 is where they are REQUIRED to fill out paperwork. They cannot perform the transaction without filling out a CTR. This is not for tax reasons. This is actually a preventative measure against money laundering and fraud. These don't got reported to the IRS. The only time taxes get involved is for a jackpot over a certain amount.
Say you have $11,000 in purple chips. Now you can get around the CTR by only cashing in $9500, but you have to make sure you aren't caught. If surveillance knows you have more chips to redeem, or if say a cashier sees that you have over the $10,000 mark but pull your chips back to keep below the $10k mark, they will have to fill out a SARC (Suspicious Activity Report for Casinos).
CTR's are not as bad as a SARC. CTR's are stricly between casino and the gaming authories. SARC's can get spread between casinos, especially if it's the same individual.
I can answer more questions privately, if needed.
I work on a riverboat casino in the Midwest. I have family and friends that work on other boats too, and the general policies are universal. I won't name where, but here are the policies regarding cash transactions...
At $3000 CASH transaction the paperwork will start. In the pit if you buy in for $3000 you will automatically have the paperwork started. Key word CASH. When you redeem your chips for CASH and the amount is over $3000, they will fill out a MTL (Multiple Transaction Log) This is the point you are on the radar. There are several MTL's filled out throughout the day so it's really nothing to sweat. Internal paperwork is all.
You can refuse ID (But I honestly don't recommend it as it will make you a surveillance celebrity)
At $10,000.01 is where they are REQUIRED to fill out paperwork. They cannot perform the transaction without filling out a CTR. This is not for tax reasons. This is actually a preventative measure against money laundering and fraud. These don't got reported to the IRS. The only time taxes get involved is for a jackpot over a certain amount.
Say you have $11,000 in purple chips. Now you can get around the CTR by only cashing in $9500, but you have to make sure you aren't caught. If surveillance knows you have more chips to redeem, or if say a cashier sees that you have over the $10,000 mark but pull your chips back to keep below the $10k mark, they will have to fill out a SARC (Suspicious Activity Report for Casinos).
CTR's are not as bad as a SARC. CTR's are stricly between casino and the gaming authories. SARC's can get spread between casinos, especially if it's the same individual.
I can answer more questions privately, if needed.
