In keeping with regulatory reform goals, the TreasuryDepartment's Financial Crimes Enforcement Network (FinCEN) issuedtoday a revised form designed to help casinos report largecurrency transactions.
Internal Revenue Service Form 8362 (Rev. July 1997), known asthe Currency Transaction Report by Casinos (CTRC), and itsinstructions will become effective on July 1, 1997. The form hasbeen revised to simplify the reporting of the requiredinformation, enhance the value of information provided to lawenforcement, and clarify the instructions on how to report largecurrency transactions. Eight information items that weredetermined to be minimally useful to law enforcement wereeliminated from the form.
Casinos, in all jurisdictions except Nevada, will be requiredto use the revised form after June 30, 1997. These casinos willcontinue to use the current form for all reportable transactionsoccurring 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 $10,000in currency per gaming day.
Casinos in Nevada are already required to use IRS Form 8852,Currency Transaction Report by Casinos - Nevada, for reportabletransactions occurring after April 30, 1997, pursuant to NevadaGaming Commission Regulation 6A.
During 1996, casinos filed approximately 150,000 formsreporting large currency transactions exceeding $3.2 billion.These forms have a high degree of usefulness in criminal, tax andregulatory investigations and proceedings.
"We have worked closely with the American GamingAssociation, the National Indian Gaming Association, state gamingregulators and federal law enforcement to strike the appropriatebalance between providing the most useful information to lawenforcement while reducing the reporting burden on the gamingindustry," said Stanley E. Morris, FinCEN's Director.
A copy of the revised CTRC Form 8362 (Rev. July 1997) may beordered from the Internal Revenue Service (IRS) FormsDistribution 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 IRSInternal Revenue Information Services (IRIS) bulletin board. IRISis accessible directly by modem by calling 1-(703) 321-8020. On theInternet, connect to iris.irs.ustreas.gov or, for file transferprotocol services, connect to ftp.irs.ustreas.gov. On the WorldWide Web, connect to http://www.irs.gov.The file is available in PKZIP postscript or PDF formats.