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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, 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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