Knowledge (XXG)

Structuring

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45: 1484: 1504: 1494: 209:(CTRs) to be filed for cash transactions involving coin or paper money valued at more than $ 10,000; it applies to both U.S. and foreign currencies. Contrary to popular misunderstanding, it does not apply to checks or electronic transactions. Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a 423:
Then we started seeing "smurfing." Remember how the smurfs were little gatherers? We started getting calls from different retail stores that people were buying two or three packs—that's the most you can buy—and they went to one store, they bought three, they went to another store, bought three. We're
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Structuring is the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by regulators and law enforcement. Typically each of the smaller transactions is executed in an amount below some statutory limit that normally does not
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No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any
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regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
251:(IRS) practice to focus on investigations that "closely align" with IRS "mission and key priorities". Banks are not permitted to warn or advise customers unless the customer asks, but sometimes bank tellers will informally warn customers. 1130: 1148: 1163: 1193: 976: 1188: 1153: 1135: 1352: 1337: 408:. In this context, the agent will make purchases of small, legal amounts from several drug and grocery stores, with the intent to aggregate the lot for use in the illegal production of 1362: 428:
everywhere because they're sitting in the car, they're punching the pills out of the blister packs, they're putting them in the freezer bags and they're turning them over to chemical
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All transactions totaling CA$ 10,000 within a 24-hour period are subject to reporting. Certain businesses may qualify for Alternative to Large Cash Transaction (ALCT) reporting.
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Section 5324 further provides that a violation of this provision may be punished by a fine or up to five years in prison, or both. The filing of Form 8300 is required under
1014: 969: 674: 1140: 241:. Legal proceedings, which may cost in the vicinity of $ 20,000 or more, may be required for an innocent party to retrieve his or her money. Reports in October 2014 by 55: 1464: 1377: 1402: 1372: 1487: 962: 678: 1178: 783: 1342: 486: 1173: 1039: 796: 1347: 869: 1407: 1275: 1029: 1009: 1034: 999: 985: 655: 1397: 1306: 1024: 550: 542: 1387: 904: 89: 1367: 1285: 715: 1168: 1082: 1019: 601:
See section 1354(a) of the Anti-Drug Abuse Act of 1986, Public Law No. 99-570, 100 Stat. 3207, at 3207-22 (27 October 1986).
875:. The United Nations Asia and Far East Institute for the Prevention of Crime and the Treatment of Offenders. Archived from 846: 463: 1316: 949: 784:
http://www.antimoneylaundering.gov.ie/website/aml/amlcuweb.nsf/0/B75E0654ED35762480257F230043F9FE/$ File/2014%20Report.pdf
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Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
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purchase limits in US are too low for mass meth production, this practice often involves using multiple "smurfs".
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Sums of money resulting from deposits of less than $ 10,000 may be seized after a warrant is issued based on a
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section 6050I (relating to the requirement to file Form 8300). Structuring may be done in the context of
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Although there are no weekly or monthly limits, any parceling to evade the rules is a criminal offence.
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to file a report with a government agency. Criminal enterprises may employ several
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such as making bank deposits in a specific pattern, calculated to avoid triggering
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Redesigning of a large transaction as multiple small transactions to avoid scrutiny
554: 546: 464:"Redefining the Bank Secrecy Act: Currency Reporting and the Crime of Structuring" 1428: 1423: 622:"Part IV Examining Process; Chapter 26 Bank Secrecy Act; Section 13 Structuring" 358: 158: 177: 621: 635: 273: 176:
The term "smurfing" is derived from the image of the comic book characters,
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Financial Institutions Regulatory and Interest Rate Control Act of 1978
742:"Guideline 9: Alternative to Large Cash Transaction Reports to FINTRAC" 320: 1252:
Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)
799:(in Italian). Ministero dell'Economia e delle Finanze. Archived from 625: 429: 370: 304: 289: 113: 567:
Federal Financial Institutions Examination Council (February 2021).
346: 180:, having a large group of many small entities. Miami-based lawyer 166: 137: 656:"Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required" 400:
The term "smurfing" is also applied to activity associated with
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Transactions Between Member Banks and Their Affiliates (Reg W)
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deal primarily with the United States and do not represent a
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to file reports required by law, such as the United States'
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Financial Crimes Enforcement Network ruling on structuring
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As Robert Pennal of the Fresno Meth Task Force explains:
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Reserve Requirements for Depository Institutions (Reg D)
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Europa Taxation & Customs Union (21 December 2007).
679:"AUSTRAC Guideline No. 1: Suspect Transaction Reporting" 1286:
Availability of Funds and Collection of Checks (Reg CC)
557:, 31 C.F.R. sec. 1010.311, and 31 C.F.R. sec. 1010.314. 63: 718:(in Portuguese). Ministério da Fazenda. Archived from 341:
Per the 4th EU Anti-Money Laundering Directive (2017)
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Extensions of Credit by Federal Reserve Banks (Reg A)
574:. Federal Financial Institutions Examination Council 1447: 1416: 1330: 1299: 1202: 1048: 992: 1015:Federal Financial Institutions Examination Council 675:Australian Transaction Reports and Analysis Centre 485:Gross, Samantha; Barrett, Devlin (11 March 2008). 247:of arbitrary seizures resulted in modification of 1248:Privacy of Consumer Financial Information (Reg P) 714:Conselho de Controle de Atividades Financeiras. 1465:History of central banking in the United States 1276:Unfair or Deceptive Acts or Practices (Reg AA) 899: 897: 184:is said to have coined the term in the 1980s. 970: 569:"BSA/AML Examination & Compliance Manual" 52:The examples and perspective in this article 8: 1236:Limitations on Interbank Liabilities (Reg F) 630:. Washington, D.C.: US Treasury Department. 977: 963: 955: 1174:Fair and Accurate Credit Transactions Act 1040:Office of the Comptroller of the Currency 910:. Justice.gov. p. 16. Archived from 688:. Government of Australia. Archived from 90:Learn how and when to remove this message 1239:International Banking Operations (Reg K) 1145:Competitive Equality Banking Act of 1987 620:Internal Revenue Service (1 June 2006). 487:"Spitzer Tripped Up on Laws He Enforced" 258: 217:enacted section 5324 of Title 31 of the 824:"Meldingen Ongebruikelijke Transacties" 518:"Anti-Smurfing Statute and Structuring" 454: 1267:Borrowers of Securities Credit (Reg X) 686:Financial Transaction Reports Act 1988 592:See generally 31 C.F.R. sec. 1010.320. 1256:Credit by Brokers and Dealers (Reg T) 1030:Financial Stability Oversight Council 1010:Federal Deposit Insurance Corporation 7: 1179:Emergency Economic Stabilization Act 1035:National Credit Union Administration 1000:Consumer Financial Protection Bureau 986:Bank regulation in the United States 826:(in Dutch). Ministerie van Justitie 516:Nestmann, Mark (11 November 2014). 1025:Federal Reserve Board of Governors 25: 1097:Interest Rate Control Act of 1966 1502: 1492: 1483: 1482: 1232:Electronic Fund Transfer (Reg E) 1222:Home Mortgage Disclosure (Reg C) 1217:Equal Credit Opportunity (Reg B) 929:"Transcript – The Meth Epidemic" 43: 1281:Community Reinvestment (Reg BB) 116:, is the practice of executing 1020:Federal Housing Finance Agency 870:"MONEY LAUNDERING IN THAILAND" 610:See 31 USC section 5324(d)(1). 1: 299:Depends on transaction type. 1455:Banking in the United States 1126:Electronic Fund Transfer Act 1116:Home Mortgage Disclosure Act 658:article by Sahaila Dewan in 221:, which provides (in part): 207:currency transaction reports 1312:Federal savings association 1141:Depository Institutions Act 66:, discuss the issue on the 1565: 1121:Community Reinvestment Act 1005:Farm Credit Administration 764:www.gesetze-im-internet.de 462:Linn, Courtney J. (2010). 412:. Also, since the monthly 239:suspicious activity report 211:suspicious activity report 29: 1478: 1291:Truth in Savings (Reg DD) 1245:Loans to Insiders (Reg O) 1111:Fair Credit Reporting Act 795:Dipartimento del Tesoro. 328:€10,000 for goods deals. 264: 261: 255:Outside the United States 1271:Truth in Lending (Reg Z) 1242:Consumer Leasing (Reg M) 1093:Bank Holding Company Act 1088:Federal Credit Union Act 1058:Independent Treasury Act 249:Internal Revenue Service 30:Not to be confused with 1439:Thrift Financial Report 760:"§ 10 GwG - Einzelnorm" 627:Internal Revenue Manual 1169:Gramm–Leach–Bliley Act 468:Santa Clara Law Review 434: 228: 122:financial institutions 118:financial transactions 1300:Types of bank charter 849:. European Commission 716:"Lavagem de Dinheiro" 421: 402:controlled substances 232:Internal Revenue Code 223: 155:financial institution 130:Internal Revenue Code 1460:Fair debt collection 1434:CAMELS rating system 1159:Truth in Savings Act 1136:Monetary Control Act 1101:Truth in Lending Act 213:(SAR). In 1986, the 72:create a new article 64:improve this article 1068:Federal Reserve Act 993:Federal authorities 917:on 17 October 2010. 868:Netipoom Maysakun. 695:on 19 November 2016 265:Single transaction 1083:Glass–Steagall Act 677:(September 2002). 661:The New York Times 522:The Nestmann Group 244:The New York Times 219:United States Code 32:Structured finance 1534:Commercial crimes 1516: 1515: 1331:State authorities 1206:Board regulations 1164:Riegle-Neal IBBEA 1063:National Bank Act 797:"Antiriciclaggio" 393: 392: 100: 99: 92: 74:, as appropriate. 16:(Redirected from 1556: 1549:Asset forfeiture 1539:Money laundering 1506: 1496: 1486: 1485: 1261: 1204:Federal Reserve 1106:Bank Secrecy Act 1078:1933 Banking Act 979: 972: 965: 956: 937: 936: 925: 919: 918: 916: 909: 901: 892: 891: 889: 887: 882:on 20 March 2009 881: 874: 865: 859: 858: 856: 854: 842: 836: 835: 833: 831: 819: 813: 812: 810: 808: 803:on 15 March 2008 792: 786: 781: 775: 774: 772: 770: 756: 750: 749: 748:. 17 April 2009. 738: 732: 731: 729: 727: 711: 705: 704: 702: 700: 694: 683: 671: 665: 653: 647: 646: 644: 642: 617: 611: 608: 602: 599: 593: 590: 584: 583: 581: 579: 573: 564: 558: 539: 533: 532: 530: 528: 513: 507: 506: 504: 502: 497:on 22 March 2008 493:. Archived from 482: 476: 475: 459: 259: 203:Bank Secrecy Act 171:financial crimes 163:money laundering 142:financial crimes 134:money laundering 126:Bank Secrecy Act 105:, also known as 95: 88: 84: 81: 75: 47: 46: 39: 21: 1564: 1563: 1559: 1558: 1557: 1555: 1554: 1553: 1519: 1518: 1517: 1512: 1498:Business portal 1474: 1470:Wildcat banking 1443: 1412: 1326: 1295: 1259: 1207: 1205: 1198: 1184:Credit CARD Act 1050: 1044: 988: 983: 946: 941: 940: 933:Frontline – PBS 927: 926: 922: 914: 907: 903: 902: 895: 885: 883: 879: 872: 867: 866: 862: 852: 850: 847:"Cash controls" 844: 843: 839: 829: 827: 822:FIU-Nederland. 821: 820: 816: 806: 804: 794: 793: 789: 782: 778: 768: 766: 758: 757: 753: 740: 739: 735: 725: 723: 713: 712: 708: 698: 696: 692: 681: 673: 672: 668: 664:25 October 2014 654: 650: 640: 638: 619: 618: 614: 609: 605: 600: 596: 591: 587: 577: 575: 571: 566: 565: 561: 540: 536: 526: 524: 515: 514: 510: 500: 498: 484: 483: 479: 461: 460: 456: 451: 439: 414:pseudoephedrine 410:methamphetamine 406:pseudoephedrine 398: 257: 234:section 6050I. 195: 190: 182:Gregory Baldwin 150: 96: 85: 79: 76: 61: 48: 44: 35: 28: 23: 22: 15: 12: 11: 5: 1562: 1560: 1552: 1551: 1546: 1541: 1536: 1531: 1521: 1520: 1514: 1513: 1511: 1510: 1500: 1490: 1479: 1476: 1475: 1473: 1472: 1467: 1462: 1457: 1451: 1449: 1445: 1444: 1442: 1441: 1436: 1431: 1426: 1420: 1418: 1414: 1413: 1411: 1410: 1405: 1400: 1395: 1390: 1385: 1380: 1375: 1370: 1365: 1360: 1355: 1350: 1345: 1340: 1334: 1332: 1328: 1327: 1325: 1324: 1319: 1314: 1309: 1303: 1301: 1297: 1296: 1294: 1293: 1288: 1283: 1278: 1273: 1268: 1265: 1262: 1257: 1254: 1249: 1246: 1243: 1240: 1237: 1234: 1229: 1224: 1219: 1214: 1210: 1208: 1203: 1200: 1199: 1197: 1196: 1191: 1186: 1181: 1176: 1171: 1166: 1161: 1156: 1151: 1146: 1143: 1138: 1133: 1128: 1123: 1118: 1113: 1108: 1103: 1098: 1095: 1090: 1085: 1080: 1075: 1070: 1065: 1060: 1054: 1052: 1049:Major federal 1046: 1045: 1043: 1042: 1037: 1032: 1027: 1022: 1017: 1012: 1007: 1002: 996: 994: 990: 989: 984: 982: 981: 974: 967: 959: 953: 952: 945: 944:External links 942: 939: 938: 920: 893: 860: 837: 814: 787: 776: 751: 733: 722:on 3 July 2007 706: 666: 648: 612: 603: 594: 585: 559: 551:31 U.S.C. 543:31 U.S.C. 541:See generally 534: 508: 477: 453: 452: 450: 447: 446: 445: 443:Salami slicing 438: 435: 397: 394: 391: 390: 388: 385: 379: 378: 376: 373: 367: 366: 364: 361: 355: 354: 352: 349: 343: 342: 339: 336: 330: 329: 326: 323: 317: 316: 313: 307: 301: 300: 297: 292: 286: 285: 282: 276: 270: 269: 266: 263: 256: 253: 194: 191: 189: 186: 149: 146: 98: 97: 58:of the subject 56:worldwide view 51: 49: 42: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 1561: 1550: 1547: 1545: 1542: 1540: 1537: 1535: 1532: 1530: 1529:Banking terms 1527: 1526: 1524: 1509: 1505: 1501: 1499: 1495: 1491: 1489: 1481: 1480: 1477: 1471: 1468: 1466: 1463: 1461: 1458: 1456: 1453: 1452: 1450: 1446: 1440: 1437: 1435: 1432: 1430: 1427: 1425: 1422: 1421: 1419: 1415: 1409: 1406: 1404: 1401: 1399: 1396: 1394: 1391: 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Retrieved 495:the original 490: 480: 471: 467: 457: 422: 418: 399: 294: 242: 236: 229: 224: 196: 175: 169:, and other 151: 140:, and other 106: 102: 101: 86: 80:October 2014 77: 53: 36: 1544:Tax evasion 1429:CAEL Rating 1424:Call report 1051:legislation 555:§ 5324 547:§ 5313 387:US$ 58,000 359:Netherlands 188:Regulations 103:Structuring 1523:Categories 1373:New Jersey 1338:California 1322:State bank 1189:Dodd–Frank 449:References 396:Other uses 178:the Smurfs 153:require a 148:Definition 128:(BSA) and 18:Structured 1403:Tennessee 274:Australia 205:requires 68:talk page 1488:Category 1408:Virginia 1388:Oklahoma 1378:New York 1363:Michigan 1358:Maryland 1353:Illinois 1343:Colorado 853:12 March 830:12 March 807:12 March 726:12 March 699:12 March 641:11 March 636:37305546 501:14 March 491:Fox News 437:See also 404:such as 383:Thailand 375:€10,000 363:€15,000 351:€12,500 338:€10,000 325:€15,000 107:smurfing 62:You may 1348:Florida 1194:EGRRCPA 578:7 March 430:brokers 424:seeing 334:Ireland 321:Germany 312:10,000 281:10,000 197:In the 111:banking 1393:Oregon 1154:FDICIA 1149:FIRREA 769:26 May 693:(.PDF) 634:  553:  545:  371:Sweden 305:Canada 295:varies 290:Brazil 268:Notes 201:, the 159:agents 114:jargon 1417:Terms 915:(PDF) 908:(PDF) 905:"DEA" 880:(PDF) 873:(PDF) 682:(PDF) 572:(PDF) 347:Italy 167:fraud 138:fraud 70:, or 1383:Ohio 888:2008 855:2008 832:2008 809:2008 771:2019 728:2008 701:2008 643:2008 632:OCLC 580:2024 529:2024 503:2008 310:CA$ 279:AU$ 109:in 1525:: 931:. 896:^ 762:. 744:. 684:. 624:. 549:, 520:. 489:. 472:50 470:. 466:. 173:. 165:, 136:, 978:e 971:t 964:v 935:. 890:. 857:. 834:. 811:. 773:. 730:. 703:. 645:. 582:. 531:. 505:. 432:. 93:) 87:( 82:) 78:( 60:. 34:. 20:)

Index

Structured
Structured finance
worldwide view
improve this article
talk page
create a new article
Learn how and when to remove this message
banking
jargon
financial transactions
financial institutions
Bank Secrecy Act
Internal Revenue Code
money laundering
fraud
financial crimes
financial institution
agents
money laundering
fraud
financial crimes
the Smurfs
Gregory Baldwin
United States
Bank Secrecy Act
currency transaction reports
suspicious activity report
U.S. Congress
United States Code
Internal Revenue Code

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