Casino operators would be required to report the details of any customer that exchanges chips or cash totaling ¥1 million or more under regulations being considered by Japan’s ruling Liberal Democratic Party (LDP) for inclusion in its impending integrated resorts bill.
According to local media, the ¥1 million figure – equivalent to just over US$9,500 – is seen as a vital part of the country’s anti-money laundering measures and closely mirrors reporting requirements used in Nevada.
Under the proposal, operators would be required by law to report a customer’s name, address and date of birth as well as the time and date of the transaction to the government’s casino committee.
Exactly when such details will be finalized remains to be seen however, with plans to submit the IR Implementation Bill to the Diet by the end of March now said to be impossible after the LDP and its coalition partner Komeito again failed to find common ground during a meeting on Friday.
The two parties continue to disagree on a number of key details of the bill, including the number of casino licenses to be issued and the size of a proposed entry fee.
The LDP wants four or five licenses issued with an entry fee for local residents of ¥2,000 (US$19) while Komeito wants two to three licenses and an entry fee of ¥8,000 (US$75).
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