Kansas Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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FAQ
This is called ?structuring.? Federal law makes it a crime to break up transactions into smaller amounts for the purpose of evading the CTR reporting requirement and this may lead to a required disclosure from the financial institution to the government.
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).
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.
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.
A currency transaction report (CTR) is a bank form used in the U.S. 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. It is part of the banking industry's anti-money laundering (AML) responsibilities.
A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction.
A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank.