New Mexico Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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The primary amendments are: The monetary threshold has been increased for cash reporting from R24 999 and above to R49 999 and above as a single transaction only. Extending the reporting period deadline from 2 to 3 business days from the time of becoming aware of the cash transaction.
Any currency transaction that exceeds $10,000 must be reported to regulators using a Currency Transaction Report (CTR). The CTR is a component of anti-money laundering measures to ensure that the money isn't being utilized for illegal or wrongful purposes.
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.
A financial institution and any ?nonfinancial trade or business? must file a report concerning a transaction (or series of related transactions) in excess of $10,000 in currency. FinCEN regulation 31 CFR 1010.310 requires that financial institutions file currency transaction reports (CTRs).
18 U.S.C. § 1956(a)(1)(B)(ii) See Statute [Defendant] is charged with violating that portion of the federal money laundering statute that prohibits structuring transactions to avoid reporting requirements. It is against federal law to engage in such conduct.
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.
These transactions are reported on Currency Transaction Reports (CTRs). The federal law requiring these reports was passed to safeguard the financial industry from threats posed by money laundering and other financial crime.
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.