There is a lot of talk in the Nevada gaming industry about anti-money laundering efforts. In 1970, Congress passed the Bank Secrecy Act, which required banks to report large cash transactions in order to help find drug trafficking and tax evaders. The Bank Secrecy Act is enforced by FinCEN, the Financial Crimes Enforcement Network, which is part of the U.S. Department of Treasury. The Internal Revenue Service (IRS) also helps with enforcement of the BSA and its regulations, known as Title 31.
In 1985, the BSA was amended to include casinos within the classification of a “financial institution.” Although, at that time, Nevada obtained an exemption because of its own reporting system and regulations, that exemption was eventually relieved.
While the American Gaming Association recently published best practices guidelines in anti-money laundering (known as AML) efforts for casinos, in-house personnel, compliance staff and consultants, and counsel are also actively involved in assisting casinos with creating and maintaining AML programs.