According to Section 103.22 of Title 31 under the Bank Secrecy Act, all casinos across the land with $1 million in annual gross gambling revenues are subject to federal reporting requirements. Casinos "must file a report of each deposit; withdrawal; exchange of currency, gaming tokens, or chips; or other payment or transfer that is made by, through, or to the casino when the currency transaction is more than $10,000 -- i.e., $10,001.
Now, if a single casino customer, or his or her assigns, engages in multiple currency transactions, they must be treated as a single transaction if they result in either cash in or cash out totaling more than $10,000 during any twenty-four-hour period.
Whichever way it happens, if it does, the casino must prepare and submit to the IRS a currency transaction report (CTR) within 15 days of the occurrence of a cash transaction, or multiple cash transactions, of more than $10.000 made by a customer in a single day.
Now, because of the multiple-cash-transaction regulation, casinos are required to aggregate, by patron, individual transactions of more than $3,000 that occur within any 24-hour period. Therefore, at the slots, in the pits, at the cage, and in the race and sports books, every transaction of more than $3,000, including specific information on the individual patron involved, must be logged. The transactions are then aggregated so a CTR can be generated when and if the $10,000 threshold is reached.
Casinos are prohibited from directly exchanging cash for cash on the behalf of a customer in amounts greater than $3,000. The casino is permitted to accept larger amounts of cash as front money for gambling or other expenditures.
