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Convey Compliance and Resort Advantage Team on the First RealTimeCasino...

Convey Compliance Systems (www.convey.com), the market leader in on-demand tax information reporting services, announced a new partnership with Resort Advantage (www.resort-advantage.com), the market leading casino compliance solutions provider, to offer the only comprehensive casino compliance service with real-time checks for the Financial Crimes Enforcement Network (FinCEN), IRS and Office of Foreign Asset Control (OFAC).

Casinos typically perform compliance checks using federal systems that rely heavily on manual steps and are unable to provide real-time results. While some providers have offered individual tools for FinCEN compliance and Title 31 filing automation, the joint solution from Convey and Resort Advantage is the first to combine FinCEN with IRS and OFAC checks in a single seamless, automated solution.

Mindy Letourneau, gaming industry expert and president of Casino Essentials, said that the new offering will completely change the way casinos operate. Tracking and reporting patron information such as mismatched social security numbers results in research time, risk exposure and guest service issues that have a real negative impact on the bottom line, Letourneau said.This new solution from Convey and Resort Advantage reduces those same risks and administrative expenses while actually improving customer service.

Compliance with Title 31 of the Bank Secrecy Act regulations requires U.S.-based casinos to assist FinCEN in detecting and preventing money laundering. Casinos must keep records of patrons's Title 31 reportable cash payments and redemptions, file reports of patrons's cash transactions (exceeding the $10,000 daily aggregate amount), and report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Casinos also must validate winners's social security numbers so that the IRS can collect directly from recipients. Casinos must ensure that jackpot payouts are not made to individuals on OFAC'ss designated nationals list (a felony offense). Because most solutions can'st generate query results in real time, many casinos are unable to take preventive measures to safeguard against non-compliant payments, and incorrect social security numbers provided by the winners prior to payout. As a result, the casinos spend hundreds of hours of staff time trying to correct data after the fact, all while running legal risk on every payout made.

Partnering with leaders in the industries and markets we serve is in line with our client-centric approach, said Brian Provost, Convey'ss chief executive officer. By joining together with Resort Advantage, the market leader in gaming compliance, we are able to respond to market demand by providing the most comprehensive on-demand casino compliance solution.

Brian Ferrilla, president and managing director at Resort Advantage agreed. By partnering and leveraging Convey'ss real-time security verification services within our modules, we are able to offer the gaming market a solution that will streamline the property cage operations and compliance audit activities, Ferrilla said. Because our solutions can now detect and prevent incomplete or incorrect CTR-C and W-2G data before casinos even file, clients will reduce compliance risk, reduce costs by automating what were manual processes and improve overall process efficiencies.

About Convey

Convey Compliance Systems reduces both the costs and risks associated with handling 1099 reporting at both the federal and state level. Clients depend on Convey'ss innovation and expertise to assure tax compliance while handling the complexities of reporting and filing tax documents on behalf of customers, vendors and investors. Convey'ss solutions combine over 20 years of expertise in 1099 reporting with configurable on-demand software and operational services, all designed to reduce costs, increase efficiency and mitigate risk.

Founded in 1986 and headquartered in Plymouth, Minn., Convey serves clients ranging from small businesses processing hundreds of forms to Fortune 500 companies processing millions of forms. For more information, visit www.convey.com.

About Resort Advantage

Resort Advantage specializes in the development, implementation, and support of cost-saving compliance software applications for the gaming industry. Resort Advantage'ss Title 31 Accelerator has set the standard for Title 31 compliance management as the Title 31 solution of choice for the most prominent casino properties in the United States. For more information, visit www.resort-advantage.com.

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