ITG FAQ #1 Answer-When are casinos considered to be financial institutions subject to requirements of the Bank Secrecy Act (Title 31)?

Casinos and card clubs licensed to do business as casinos or card clubs and which have gross annual gaming revenues (GAGR) in excess of $1,000,000 are financial institutions subject to the requirements of the Bank Secrecy Act, which is known as Title 31.

Casinos and card clubs on Indian lands with GAGR in excess of $1,000,000 are defined as financial institutions under 31 CFR 1010.100(f)(5) and 31 CFR 1010.100(f)(6).

Casinos and card clubs which have revenues of $1,000,000 or less are instead subject to the requirements of IRC Section 6050I (Title 26). Also see 31 CFR 1021.330.

Return to List of FAQs