[Code of Federal Regulations]

[Title 31, Volume 1]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR103.55]



[Page 416-417]

 

                  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.



[[Page 417]]



    (c)(1) The Secretary may, as an alternative to the reporting and 

recordkeeping requirements for casinos in Sec. Sec. 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]