Casinos generate an enormous number of transactions every day and consequently need a Title 31 system that is able to efficiently and effectively collect transaction data, track patrons and report to FINCEN.
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.
COMPLEYE, CHEETEYE’s title 31 compliance software tool helps casinos comply with FinCEN’s CTR and SAR electronic filing requirements. It provides a link into most player rating systems which allows users to auto-populate parts of the CTR and SAR forms. Our software auto-submits completed forms to FinCEN and can be used simultaneously by multiple operational and management staff, making it a very cost-effective title 31 compliance solution.