New York Jury Instruction - Evading Currency Transaction Reporting Requirement While Violating Another Law By Structuring Transaction
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How to fill out 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).
31 U.S. Code § 5324 - Structuring transactions to evade reporting requirement prohibited. structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
Example 4: A person deposits $6,000 in currency to his savings account and withdraws $7,000 in currency from his checking acount. Further, he presents $5,000 in currency to be exchanged for the equivalent in French francs.
A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000.
CTR is the number of clicks that your ad receives divided by the number of times your ad is shown: clicks ÷ impressions = CTR. For example, if you had 5 clicks and 100 impressions, then your CTR would be 5%. Each of your ads, listings, and keywords have their own CTRs that you can see listed in your account.
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.
Structuring is governed by Federal Statute 31 USC 5324 and states in pertinent part that, no person shall for the purpose of avoiding a financial transaction reporting requirement, cause or attempt to cause a domestic financial institution or nonfinancial trade or business to fail to file a required financial report.