Indiana Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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FAQ
Illegally "structuring" a transaction means setting up (structuring) a large cash transaction so that it doesn't trigger the reporting requirements. The most common method for doing this is called ?smurfing,? breaking up a large cash deposit into a series of smaller deposits to avoid bank detection.
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).
A "structured transaction" is a series of related transactions that could have been conducted as one transaction, but the financial institution and/or the transactor intentionally broke it into several transactions for the purpose of circumventing the reporting requirements of the Bank Secrecy Act (BSA).
Typical structuring schemes involve taxpayers making multiple deposits below the $10,000 threshold in order to avoid having to fill out Form 8300 and report said receipts to the IRS. Structuring is a felony offense and the punishments can be severe.
Having an IRS Currency Transaction Report on your file increases your likelihood of being audited, which is one of the reasons even people who have nothing to hide try to avoid the CTR.
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.
Let's say that someone has $90,000 in cash. If they want to avoid reporting requirements, they can split this into 10 transactions of $9,000. This is an example of structuring. Remember, structuring transactions in this way is illegal.
Given below are some examples of transactions that a banker should report by filing CTRs. A person deposits $11,000 in currency to his savings account and withdraws $3,000 in currency from his checking account. The CTR should be completed as ? cash In $11,000 and no entry for Cash Out.