ITG FAQ #11 Answer-What is the Bank Secrecy Act?

Also know as Title 31, the Bank Secrecy Act (BSA) was passed in October 1970. The Act requires banks and other financial institutions to keep records and file certain reports which have a high degree of usefulness in criminal, tax, and regulatory investigations or proceedings.

Casinos and card clubs are designated as financial institutions and subject to the requirements of the BSA if:

  • They are licensed to do business as a casino by state, tribal, or local governments, and
  • They have gross annual gaming revenues in excess of one million dollars.

Return to List of FAQs