Wayne Michigan Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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FAQ
Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).
In order to show that a person is guilty of structuring to avoid having a bank file a Currency Transaction Report (CTR) with the IRS, the government must prove three elements: (1) the defendant (or a claimant in a civil forfeiture case) must have engaged in acts of structuring cash desposits or withdrawals at a
A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction. 20 The bank must retain copies of CTRs for five years from the date of the report.
Structuring is a felony offense and the punishments can be severe. Penalties include monetary fines, imprisonment of up to 10 years, or both.
Structuring is illegal regardless of whether the funds are derived from legal or illegal activity. The law specifically prohibits conducting a currency transaction with a financial institution in a way to circumvent the currency transaction reporting requirements.
A financial institution and any ?nonfinancial trade or business? must file a report concerning a transaction (or series of related transactions) in excess of $10,000 in currency. FinCEN regulation 31 CFR 1010.310 requires that financial institutions file currency transaction reports (CTRs).
A currency transaction report (CTR) is a bank form used in the United States to help prevent money laundering. This form must be filled out by a bank representative whenever a customer attempts a currency transaction of more than $10,000.
IRS Definition of Structuring A person acting alone, in conjunction with others, or on behalf of others. Conducts or attempts to conduct. One or more transactions in currency. In any amount. At one or more financial institutions.
Structuring is governed by Federal Statute 31 USC 5324 and states in pertinent part that, no person shall for the purpose of avoiding a financial transaction reporting requirement, cause or attempt to cause a domestic financial institution or nonfinancial trade or business to fail to file a required financial report.
Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).