[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.55]

[Page 390]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                       DEPARTMENT OF THE TREASURY
 
PART 103--FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN 
TRANSACTIONS--Table of Contents
 
                      Subpart E--General Provisions
 
Sec. 103.55  Exceptions, exemptions, and reports.

    (a) The Secretary, in his sole discretion, may by written order or 
authorization make exceptions to or grant exemptions from the 
requirements of this part. Such exceptions or exemptions may be 
conditional or unconditional, may apply to particular persons or to 
classes of persons, and may apply to particular transactions or classes 
of transactions. They shall, however, be applicable only as expressly 
stated in the order of authorization, and they shall be revocable in the 
sole discretion of the Secretary.
    (b) The Secretary shall have authority to further define all terms 
used herein.
    (c)(1) The Secretary may, as an alternative to the reporting and 
recordkeeping requirements for casinos in Secs. 103.22(a)(2) and 
103.25(a)(2), and 103.36, grant exemptions to the casinos in any state 
whose regulatory system substantially meets the reporting and 
recordkeeping requirements of this part.
    (2) In order for a state regulatory system to qualify for an 
exemption on behalf of its casinos, the state must provide:
    (i) That the Treasury Department be allowed to evaluate the 
effectiveness of the state's regulatory system by periodic oversight 
review of that system;
    (ii) That the reports required under the state's regulatory system 
be submitted to the Treasury Department within 15 days of receipt by the 
state;
    (iii) That any records required to be maintained by the casinos 
relevant to any matter under this part and to which the state has access 
or maintains under its regulatory system be made available to the 
Treasury Department within 30 days of request;
    (iv) That the Treasury Department be provided with periodic status 
reports on the state's compliance efforts and findings;
    (v) That all but minor violations of the state requirements be 
reported to Treasury within 15 days of discovery; and
    (vi) That the state will initiate compliance examinations of 
specific institutions at the request of Treasury within a reasonable 
time, not to exceed 90 days where appropriate, and will provide reports 
of these examinations to Treasury within 15 days of completion or 
periodically during the course of the examination upon the request of 
the Secretary. If for any reason the state were not able to conduct an 
investigation within a reasonable time, the state will permit Treasury 
to conduct the investigation.
    (3) Revocation of any exemption under this subsection shall be in 
the sole discretion of the Secretary.

[38 FR 2176, Jan. 22, 1973, as amended at 50 FR 5069, Feb. 6, 1985; 50 
FR 36875, Sept. 10, 1985]