COMPL-EYE and easily meet Title 31 regulatory requirements

The Financial Crimes Enforcement Network (FinCEN) announced on 09/14/2011 that FinCEN reports required under the Bank Secrecy Act (BSA) be filed electronically as from 06/30/2012. All CTR (Currency Transaction Report) and SAR (Suspicious Activity Report) forms must be completed electronically; no paper version will be available.

These title 31 compliance changes are requirements, and casinos must be in compliance or risk fines which could number in the hundreds of thousands of dollars. Further, without software automation these changes will require extensive data entry on the BSA site. FinCEN estimates that each new CTR will take approximately 40 minutes to complete while each new SAR will take approximately two hours. Consequently, casinos will have to either staff-up considerably, adding FTE expenses, or invest in software that will auto-populate and auto-submit SAR and CTR forms.

COMPL-EYE, CHEETEYE’s title 31 compliance software tool helps casinos comply with FinCEN’s new CTR and SAR electronic filing requirements. It provides a link into most player rating systems which allows users to auto populate parts of the new CTR and SAR forms. Our software auto-submits completed forms to the BSA website and can be used simultaneously by multiple operational and management staff, making it the most cost effective title 31 compliance solution on the market.

Additional Features:

CHEETEYE is able to complete, file electronically and archive forms that include, but are not limited to:

MTL (multiple transaction logs) for entry, monitoring and reporting of all financial transactions in real-time used to track cash transactions, cash-in and cash-out separately, in excess of $2,500 (single transaction or aggregated). This feature sends an alert, notifying personnel that a threshold has been reached  and prompts personnel to obtain necessary information and documentation from the patron.

IRS, tax form validator that completes, files and archives forms required to comply with IRS income reporting requirements (i.e. W-2G, 1042S and 1099MISC); and maintains images for the customer ID and social security document.

CheetChat, CHEETEYE’s award winning Chatbot provides cash desk staff with an added level of security and artificial intelligence (AI) without interfering with the guest experience.

Title 31 software