Quote:
Originally Posted by Ford Prefect
I can't say what the process is in the US, but in Canada if somebody cashes in more that $10K, there's a bunch of forms that have to be filled out, and receipts given. The reason for this is to scrutiinze for money laundering ... pimps and dealers like to use casinos to launder money. I've been the general manager at charity casinos in Calgary on two occasions, and this is one of the things our casino advisor drilled into us. I believe you even have to go through a scrutiny/papework process if depositing or withdrawing over $10K in cash from your own personal bank account ... I could be wrong about that though. Any bankers out there who can back that up, or debunk it?
At any rate, I doubt US casinos are any less vigilant about large payouts than Canadian casinos, so it doesn't wash that the guy would have a quarter million in casino winnings, but no receipts or other paper work to support it.
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I believe that limit is 50K at least for the US, to the best of my knowledge it used to be 100k but after 9-11 that was changed.
MYK