Evading a Currency-Transaction Reporting Requirement (While Violating Another Law) by Structuring Transaction is a criminal act that involves a person or business using multiple financial transactions to avoid the reporting requirements imposed by the Financial Crimes Enforcement Network (Fin CEN). This is done in order to hide the source and/or destination of funds, or to disguise the true nature of the transaction. Structuring transactions is the practice of breaking up financial transactions into smaller amounts in order to avoid the reporting requirements and thereby conceal the true purpose of the transaction. Structuring transactions can involve a variety of methods, such as making multiple withdrawals of smaller amounts from the same bank account, using multiple accounts at different banks to make multiple transfers, or making payments in cash. There are two types of Structuring Transactions: legal and illegal. Legal structuring is used to avoid the reporting requirements imposed by the Fin CEN, but it does not violate any other laws. Illegal structuring involves evading the reporting requirements while also violating other laws, such as money laundering, tax evasion, or fraud. In the United States, evading the Currency-Transaction Reporting Requirements (while violating another law) by Structuring Transactions is a crime punishable by up to five years in prison and a fine of up to $500,000.
Evading a Currency-Transaction Reporting Requirement (While Violating Another Law) by Structuring Transaction
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FAQ
Deliberately evading the $10,000 reporting threshold with multiple transactions, or transactions just under $10,000, is known as "structuring." Structuring is illegal under federal law, with strict penalties for both the customer and the bank employee.
The transactions need not exceed the $10,000 CTR filing threshold at any one bank on any single day in order to constitute structuring. Money launderers and criminals have developed many ways to structure large amounts of currency to evade the CTR filing requirements.
Structuring money such as cash deposits to avoid the filing of a Currency Transaction Report (CTR) is illegal. Banks are required to file CTRs for cash transactions of $10,000 or more.
To avoid providing the bank with the information required for a CTR, somebody engaged in structuring may split their transactions across several days or deposit the money into different accounts at different banks.
Structuring in money laundering involves intentionally transacting money in smaller amounts to avoid detection, while smurfing in money laundering involves using other people (smurfs) to make smaller deposits. Smurfing is often done with foreign and offshore accounts and is considered more sinister than structuring.
A structured transaction is a series of transactions broken up from a larger sum in order to avoid reporting requirements under the Bank Secrecy Act (BSA), which requires financial institutions to report all transactions of $10,000 or more.
For example, if someone has $50,000 in cash to deposit in their bank, should they choose to deposit it through five deposits of $9,999 and one deposit of $5, with the intent to avoid the reporting requirement, they have committed the crime of structuring.