NEWave advises North American casino gaming industry on Title 31 reporting requirements

“The U.S. government is absolutely serious about enforcing Title 31 compliance, because it has been found in numerous cases that criminals will try to use casinos to launder money, money which could then be used to fund a variety of heinous crimes,” said NEWave COO Tom Bechtel. “The government believes strict compliance with Title 31 guidelines benefits society as a whole, because it stops crimes before they start.”

A recently released IRS study found there are critical areas of Title 31 reporting that are frequently missed by casinos, including:

• A Currency Transaction Report (CTR) must be filed within 15 calendar days following the day the reportable transaction occurs.

•A copy of each CTR must be retained by the financial institution for five years.

 “We understand Title 31 can be complicated, and complying with all of the Title 31 rules and regulations can be difficult; however, the benefits of Title 31 are worth the trouble. And to help, our myCompliance software suite simplifies the reporting and ensures compliance.”

More than 120 casinos across North America currently use NEWave’s myCompliance software suite for Title 31 compliance. “In more than six years, not one – not one – casino using our software has ever been cited for non-compliance with Title 31. Casinos need to protect themselves, and we are here to help,” Bechtel said.