Structuring
Redesigning of a large transaction as multiple small transactions to avoid scrutiny / From Wikipedia, the free encyclopedia
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Not to be confused with Structured finance.
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300). Structuring may be done in the context of money laundering, fraud, and other financial crimes. Legal restrictions on structuring are concerned with limiting the size of domestic transactions for individuals.
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. (October 2014) |