This is interesting for SO many reasons.
http://www.kmbc.com/news/kansas-city...?absolute=true
This is interesting for SO many reasons.
http://www.kmbc.com/news/kansas-city...?absolute=true
Sucks, he is a good friend of mine and former teammate. I don't know all the details but needless to say there are some very legit reasons why a high stakes player would want to maintain a chip stockpile that have zero to do with money laundering or structuring.
If you buy in for more than $10k then they care. The key word is "cash". Winning or losing $10k in chips does not trigger a CTR but changing cash into chips or vise versa will put you in the hot seat. That is one of the reasons bigplayer was talking about.
This is a tricky situation. As far as I know, the law does not mention anything about the player's intent. It may not matter whether he broke up the transaction in order to avoid the paperwork or for some other legitimate reason (personal safety, easier travel, intent to return and play more, etc.). I would love love love love love to see a fair and reasonable decision in this case.
-Sonny-
Sonny, the law does say "for the purpose of evading reporting requirements".
http://www.law.cornell.edu/uscode/text/31/5324
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