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During 1996, the U.S. Department of
Treasury's Financial Crime Enforcement Network proposed to more tightly
regulate cash transactions at California card rooms and Indian casinos.
The federal regulation adds card clubs and Indian casinos to the
definition of financial institutions under the Bank Secrecy Act. The
purpose is to prevent fraud and tax evasion. Under this rule,
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the facilities will be required to maintain a
comprehensive record keeping program and establish anti-money laundering
safeguards. Part of the justification that the Treasury provided was that
California is unable to monitor and regulate the activities of card clubs
absent additional resources and a gaming commission.
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