Money Laundering


  FinCEN issued an advisory on apparent structuring by casino patrons and personnel. Structuring occurs when transactions are broken up for the purpose of evading Bank Secrecy Act (BSA) reporting or recordkeeping requirements. FinCEN said in a press release that it recently received information from law enforcement and regulatory authorities that raised concerns about the current level of compliance with obligations to guard against structuring. The BSA requires casinos to implement a compliance program, file reports and maintain certain records. Each casino’s program must be reasonably designed to manage the risk of illicit activity and ensure BSA compliance, including an obligation to detect and report evidence of structuring violations on FinCEN Form 102, Suspicious Activity Report by Casinos and Card Clubs.

 

More information is available at fincen.gov. FinCEN Advisory FIN- 2009-A003, Structuring by Casino Patrons and Personnel, is available at tinyurl.com/n3m2gs.

 

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.