LAS VEGAS, NV--(Marketwire - Nov 11, 2011) - Leading software supplier to the gaming industry NEWave has released an important white paper which outlines the effects on U.S. casino operators from upcoming and dramatic changes in FinCEN regulations.
FinCEN, the Financial Crimes Enforcement Network of the U.S. Treasury Department, recently proposed sweeping changes in the types and methods of reporting required, and NEWave compiled the white paper to help casinos understand what changes are coming, how they will affect all U.S. casino operators, and steps casinos must take now to be ahead of the July 1, 2012, deadline. The white paper is available for free, immediate download on NEWave's website, www.mynewave.com.
"The changes happening in FinCEN are huge, and will affect every single casino operator in the U.S. without exception. NEWave wants operators to know that we are their partner in change, and the purpose of the white paper is to very clearly detail what is coming, and what operators need to do to be prepared and to avoid very costly fines," said NEWave COO Tom Bechtel.
According to FinCEN estimates, under the new guidelines each CTR is expected to take 40 minutes to complete and each SAR form will take approximately two hours to complete, leaving casinos with a choice to increase staffing levels or install software that will complete and file the forms automatically.
"U.S. casino operators need to understand that at NEWave, we are moving exceedingly fast to update our myCompliance suite to accommodate all of the FinCEN changes to ensure they remain in compliance, without adding FTE expenses. Furthermore, our new SAR Manager program will gather data and submit the information automatically," Bechtel said.
NEWave has a long and proven track record of protecting casinos against fines. In fact, not one of NEWave's clients has ever been found to be in non-compliance. Additionally, an independent audit proved that NEWave's software saves casinos anywhere from $100,000 to $150,000 annually.
"Time is short. The FinCEN comment period is expected to end November 14, and barring any revisions, these new FinCEN changes go into effect July 1, 2012. Now is the time to prepare," Bechtel said.
About NEWave: NEWave and its more than 230 clients are creating award-winning, innovative solutions together. Founded in 1993, NEWave has more than 200 years of combined professional experience in the gaming and hospitality industry; identifying, developing and deploying tools and strategies required to successfully manage information technology projects and organizations. In addition, NEWave leads the industry in the development and implementation of gaming and hospitality software applications and services that provide complete solutions for auditing functions, regulatory compliance and casino cage operations. For more information, please visit www.mynewave.com.