Structuring Money Laundering

Structuring is the breaking up of transactions for the purpose of evading the Bank Secrecy Act reporting and recordkeeping requirements and if appropriate thresholds are met should be reported as a suspicious transaction under 31 CFR. Historically methods of money laundering have included smurfing or the structuring of the banking of large amounts of money into multiple small.


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Sometimes layering methods will be nested within each other.

Structuring money laundering. Cash from illegal sources is divided between deposit specialists or smurfs who make multiple deposits into multiple accounts often using various aliases at any number of financial institutions. In this way money enters the financial system and is then available for layering. Money Laundering and Structuring Under Federal Law In laymans terms money laundering is a process by which an individual or group tries to disguise the origin of dirty money such as the proceeds of fraud extortion or drug trafficking so that it appears to come from a legitimate source.

Structuring may be done in the context of money laundering fraud and other financial crimes. In one common form of money laundering called smurfing also known as structuring the criminal breaks up large chunks of cash into multiple small deposits often spreading them over many. The intent is to avoid the financial institutions reporting requirements.

John Smith sells a car and goes to the bank with 14000 in cash to deposit. Our Las Vegas criminal defense attorney has the experience in both federal crimes and white-collar crimes you need to start building a strong defense. The similar offense of money structuring involves breaking large financial transactions in many smaller transactions to avoid federal reporting requirements.

Iv established that the government needs only to show that the transactor knew that there was a BSA reporting requirement but did not need to show that the transactor knew that structuring was illegal. Process of Money Laundering. The 1994 Money Laundering Suppression Act PL 103-325 tit.

The money laundering process is divided into 3 segments. A Three-Stage Process Smurfs - A popular method used to launder cash in the placement stage. About Business Crime Solutions - Money Laundering.

Structuring can be a money laundering technique and is against the law under the AMLCTF Act. However it is possible to structure without the use of any smurfs at all. Its also called smurfing.

Structuring also known as smurfing in banking jargon is the practice of executing financial transactions such as making bank deposits in a specific pattern calculated to avoid triggering financial institutions to file reports required by law such as the United States Bank Secrecy Act and Internal Revenue Code section 6050I. Through money laundering the monetary proceeds derived from criminal activity are transformed into funds with an apparently legal source. Structuring can take two basic forms.

This stage represents the initial entry of the dirty cash or proceeds of crime into the financial system. Typically but not always structuring is related to money laundering. If convicted of money laundering you could be facing.

Some common methods of laundering are. Up to 500000 in fines. The law was enacted after the Supreme Court decision in Ratzlaff v.

In this stage the criminal relieves himself of holding and guarding large amounts of bulky cash and the money is placed into the. When money launderers need to clean large sums of money the layering process must become more complex and diverse. Structuring is where a person deliberately.

Legal restrictions on structuring. Structuring is a Crime. Travels with cash amounts in a way that avoids declaring cross border movements of the cash.

The Placement Stage Filtering. Review of BSAStructuringMoney Laundering Violation on SAR Forms Money laundering is the movement of illicit funds for the purpose of concealing the true source ownership or use of the funds. Laws regarding structuring came about through the Bank Secrecy Act and other laws after 9-11.

Has various AML Anti-Money Laundering initiatives in place but structuring is more than just money laundering. When a person structures money they are usually structuring deposits to the bank in order to avoid certain reporting requirements. Money laundering is an offense in which people try to clean money obtained from illegal activities so that law enforcement cannot trace the illegal money to them.

You must seek legal counsel when accused of money laundering. So SMURFING is the act of using runners to perform multiple financial transactions to avoid the currency reporting requirements. Money will be invested in a business for example which will then open multiple bank accounts or begin investing its funds on the stock exchange.

Splits cash transactions to avoid a single large transaction being reported in threshold transaction reports. Smurfing is a common placement technique. Structuring does not have to include illegally sourced money or money laundering it can be legal money and it can be as simple as you do not want the amount or frequencies of your deposits to be scrutinized by the bankso you structure the deposits accordingly.

Structuring money is reducing a deposit or payment into multiple smaller amounts. Up to 20 years in a federal prison.


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