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"Sporting Pools" and FinCEN/SARS

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Question: 
Some taverns/bars are involved in "Sporting Pools" aka: Football Pools, Office Pools, Super Bowl Pools, etc. Does FinCEN encourage SARs to be reported for a business involved in such activity? Gambling is not legal in my area.
Answer: 

If you choose to do so, unless you are talking about them going way overboard and you think thousands of dollars are involved ($5,000 trigger), just make sure you file the next time someone at the bank starts a super bowl square for $.25 a square, because there is no dollar limit for an insider.

First published on 02/07/2021

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