(a) As used in this section, “suspicious transaction” means a transaction which a book knows or, in the judgment of it or its directors, officers, employees, or agents, has reason to suspect:

1. (1) Is, or would be if completed, in violation of, or is part of a plan to violate or evade, any federal, state, or local law, rule, or regulation;
2. (2) Is, or would be if completed, wagering by, or on behalf of, a coach or participant in a sporting event or other event on such event; or
3. (3) Has no business or apparent lawful purpose or is not the sort of transaction the particular patron would normally be expected to perform, and the book knows of no reasonable explanation for the transaction after examining the available facts, including the background of the transaction.

(b) A book:

1. (1) Shall file with the Arkansas Racing Commission, by using a form developed by the commission, a report of any suspicious transaction if it involves or aggregates to more than five thousand dollars ($5,000) in funds or other assets; and
2. (2) May file a report of any suspicious transaction, regardless of the amount, if the licensee believes it is relevant to the possible violation of any law or regulation.

(c)

1. (1) The report in subdivision (b)(1) of this section shall be filed no later than thirty (30) calendar days after the initial detection by the licensee of facts that may constitute a basis for filing such a report.
2. (2) In situations involving violations that require immediate attention, the licensee shall immediately notify, by telephone, the commission in addition to timely filing a report.

(d)

1. (1) A licensee shall maintain a copy of any report filed and the original or business record equivalent of any supporting documentation for a period of five (5) years from the date of filing the report.
2. (2) Supporting documentation shall be identified, and maintained by the licensee as such, and shall be deemed to have been filed with the report.
3. (3) A licensee shall make all supporting documentation available to the commission and any appropriate law enforcement agencies upon request.

(e)

1. (1) A licensee and its directors, officers, employees, or agents who file a report pursuant to this section shall not notify any person involved in the transaction that the transaction has been reported.
2. (2) Any report filed with the commission under this subsection is confidential and is privileged and may be disclosed only by the commission in the necessary administration of their duties and responsibilities under The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100.
3. (3) Any report, whether written or oral, is absolutely privileged and does not impose liability for defamation or constitute a ground for recovery in any civil action.