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
152:
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
225:
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
226:
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
315:
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.
1392:
230:
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
741:
1454:
1357:
1260:
Credit by Banks and
Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
1231:
1221:
1216:
1125:
1115:
1382:
1311:
206:
71:
1533:
1321:
1280:
1120:
1004:
689:
238:
210:
144:. Legal restrictions on structuring are concerned with limiting the size of domestic transactions for individuals.
416:
purchase limits in US are too low for mass meth production, this practice often involves using multiple "smurfs".
1548:
1538:
1110:
1092:
1087:
248:
237:
Sums of money resulting from deposits of less than $ 10,000 may be seized after a warrant is issued based on a
568:
494:
1438:
1183:
1528:
800:
132:
section 6050I (relating to the requirement to file Form 8300). Structuring may be done in the context of
284:
Although there are no weekly or monthly limits, any parceling to evade the rules is a criminal offence.
231:
154:
129:
121:
117:
1543:
1459:
1433:
1290:
1270:
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1100:
1057:
401:
1067:
333:
1503:
1493:
876:
1226:
660:
243:
218:
31:
928:
517:
1062:
631:
278:
1105:
1077:
202:
162:
133:
125:
110:
67:
1497:
1469:
911:
413:
409:
405:
309:
181:
170:
161:("smurfs") to make the transaction. Structuring appears in federal indictments related to
141:
759:
954:
442:
719:
1522:
425:
214:
198:
1507:
1251:
1072:
157:
to file a report with a government agency. Criminal enterprises may employ several
120:
such as making bank deposits in a specific pattern, calculated to avoid triggering
27:
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,
17:
382:
1131:
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
958:
1264:
Transactions
Between Member Banks and Their Affiliates (Reg W)
823:
38:
54:
deal primarily with the United States and do not represent a
124:
to file reports required by law, such as the United States'
950:
Financial Crimes
Enforcement Network ruling on structuring
419:
As Robert Pennal of the Fresno Meth Task Force explains:
1227:
845:
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)
1213:
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:
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882:on 20 March 2009
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859:
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836:
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833:
831:
819:
813:
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803:on 15 March 2008
792:
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781:
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749:
748:. 17 April 2009.
738:
732:
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558:
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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:
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1563:
1559:
1558:
1557:
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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:
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922:
914:
907:
903:
902:
895:
885:
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879:
872:
867:
866:
862:
852:
850:
847:"Cash controls"
844:
843:
839:
829:
827:
822:FIU-Nederland.
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794:
793:
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664:25 October 2014
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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:
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61:
48:
44:
35:
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23:
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1049:Major federal
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944:External links
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722:on 3 July 2007
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551:31 U.S.C.
543:31 U.S.C.
541:See generally
534:
508:
477:
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450:
447:
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443:Salami slicing
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58:of the subject
56:worldwide view
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1368:New Hampshire
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746:fintrac.gc.ca
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474:(2): 407–513.
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426:blister packs
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547:§ 5313
387:US$ 58,000
359:Netherlands
188:Regulations
103:Structuring
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1189:Dodd–Frank
449:References
396:Other uses
178:the Smurfs
153:require a
148:Definition
128:(BSA) and
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274:Australia
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68:talk page
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491:Fox News
437:See also
404:such as
383:Thailand
375:€10,000
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107:smurfing
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1348:Florida
1194:EGRRCPA
578:7 March
430:brokers
424:seeing
334:Ireland
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312:10,000
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1393:Oregon
1154:FDICIA
1149:FIRREA
769:26 May
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