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NEVADA -- Nevada's anti-money laundering casino regulation wasn't wiped off the books Thursday, but state gaming regulators are expected to spend the next several months drafting language that will repeal portions of the law's requirements and turn some of the authority on large casino cash transactions over to the federal government.
The five-member Nevada Gaming Commission discussed possible changes in Regulation 6A with the three members of the Nevada Gaming Control Board, the fourth time in recent months the matter has been brought out in a public setting.
Regulation 6A requires that casinos track all cash transactions of $3,000 or more and submit currency reports to the Treasury Department whenever transactions by an individual total more than $10,000 in a 24-hour period.
Nevada gaming regulators are facing a July 1 deadline to decide if they want to amend the regulation to meet federal standards or let the federal government oversee compliance.
That law classified casinos as financial institutions and lumped their regulation under the U.S. Department of the Treasury and Financial Crimes Enforcement Net-work.
Gaming Control Board members considered the issue earlier this month without resolution and, based on comments from the gaming commission, will now draft language that will repeal portions of Regulation 6A. All three control board members expressed their support in removing several aspects of the law.
"Even if both the control board and the commission vote to repeal Regulation 6A, there will be a one- to two-year transition period," control board Chairman Dennis Neilander said. "Based on the comments today, we have a pretty good sense of what we need to do."
Some have criticized deferring to the federal government on the grounds that Nevada's process provides better real-time protection against money laundering.
While the gaming industry has long battled to prevent federal intervention, no one representing the industry spoke out against repealing Regulation 6A on Thursday. Neilander said there has been minimal input from casino operators on the issue.
Neilander said control board agents spend 13,000 man hours annually performing Regulation 6A audits -- time state gaming auditors could use handling other regulatory matters.
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