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SARs/Reporting Activity On Lottery Accounts

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Question: 
I'm looking for guidance on filing SARs and/or reporting activity on lottery accounts owned by businesses that aren't exclusively lottery outlets. If a SAR is filed, what activity characterization is selected? Do we have an obligation to report the misuse to the lottery commission?
Answer: 

"If a SAR is filed, what activity characterization is selected?"

Well, that will be totally dependent on what the suspicious activity might be. Structuring, money laundering, fraud-other, etc.

"Do we have an obligation to report the misuse to the lottery commission?"

That would be a matter of State law.

First published on 03/09/2015

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