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|FOR IMMEDIATE RELEASE
June 16, 1997
TREASURY ISSUES REVISED CURRENCY TRANSACTION REPORT BY CASINOS
In keeping with regulatory reform goals, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued today a revised form designed to help casinos report large currency transactions.
Internal Revenue Service Form 8362 (Rev. July 1997), known as the Currency Transaction Report by Casinos (CTRC), and its instructions will become effective on July 1, 1997. The form has been revised to simplify the reporting of the required information, enhance the value of information provided to law enforcement, and clarify the instructions on how to report large currency transactions. Eight information items that were determined to be minimally useful to law enforcement were eliminated from the form.
Casinos, in all jurisdictions except Nevada, will be required to use the revised form after June 30, 1997. These casinos will continue to use the current form for all reportable transactions occurring before July 1, 1997. Under the Bank Secrecy Act (BSA), Treasury's key tool in the fight against money laundering, casinos file a CTRC form on each transaction, involving either "cash in" or "cash out" of more than $10,000 in currency per gaming day.
Casinos in Nevada are already required to use IRS Form 8852, Currency Transaction Report by Casinos - Nevada, for reportable transactions occurring after April 30, 1997, pursuant to Nevada Gaming Commission Regulation 6A.
During 1996, casinos filed approximately 150,000 forms reporting large currency transactions exceeding $3.2 billion. These forms have a high degree of usefulness in criminal, tax and regulatory investigations and proceedings.
"We have worked closely with the American Gaming Association, the National Indian Gaming Association, state gaming regulators and federal law enforcement to strike the appropriate balance between providing the most useful information to law enforcement while reducing the reporting burden on the gaming industry," said Stanley E. Morris, FinCEN's Director.
A copy of the revised CTRC Form 8362 (Rev. July 1997) may be ordered from the Internal Revenue Service (IRS) Forms Distribution Centers by calling 1-800-TAX-FORM (1-800-829-3676), or by writing to one of the following addresses:
|Eastern Area Distribution Center|
|P.O. Box 85075|
|Richmond, VA 23261-5075|
|Central Area Distribution Center|
|P.O. Box 8908|
|Bloomington, IL 61702-8908|
|Western Area Distribution Center|
|Rancho Cordova, CA 95743-9999|
Also, Form 8362 is available electronically on the IRS Internal Revenue Information Services (IRIS) bulletin board. IRIS is accessible directly by modem by calling 1-703-321-8020. On the Internet, connect to iris.irs.ustreas.gov or, for file transfer protocol services, connect to ftp.irs.ustreas.gov. On the World Wide Web, connect to http://www.irs.gov. The file is available in PKZIP postscript or PDF formats.