Massachusetts Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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How to fill out Massachusetts Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction?
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FAQ
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).
In the vast majority of cases, this does not cause problems for the person or business initiating the transaction. However, it is not unheard of for FinCEN (Financial Crimes Enforcement Network) or the IRS to investigate sources of CTRs and recommend prosecution.
A currency transaction report (CTR) is used by banks to report to regulators any currency transaction greater than $10,000. The CTR is part of anti-money laundering efforts that aim to ensure that the money isn't being used for illicit or regulated activities.
Specific intent means that ?a defendant must not only have consciously intended to take certain actions, but that he also consciously intended certain consequences.? Commonwealth v. Gunter, 427 Mass. 259, 269, 692 N.E.2d 515, 523 (1998).
For example, incomplete or inaccurate CTRs can bring fines of $500 each. Your credit union could face fines of $10,000 if a required CTR is not filed within 15 days of the transaction, with further fines of $10,000 for each day a required report is not filed.
If your transaction is more than $10,000, the CTR is mandatory. Although these reports can be burdensome, they aren't meant to prevent you from handling large amounts of cash. It certainly isn't illegal to have more than $10,000 that you want to move in one way or another.