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Casino Filings on Currency Transactions Down By a Third: FinCEN
printCasinos filed over a third fewer currency transaction reports in the year following a U.S. Treasury Department ruling lifting some regulatory compliance requirements, the department said Monday. The filings fell 35 percent, or 285,000, between July 2007 and June 2008 compared to the previous 12-month period. The drop follows a June 26, 2007 decision by the department's Financial Crimes Enforcement Network (FinCEN) to exempt Bank Secrecy Act reporting requirements on jackpots from slot machines and video lottery terminals. Following the exemption, reports on slot machine and video lottery terminals fell 74 percent, from 426,325 reports during the 12-months leading up...
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