Title 31 of the United States Code, Section 5324 requires the filing of a currency transaction report for transactions of more than $10,000 in cash (U.S. or foreign). Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a report to the government. A violation of this provision may be punished by a fine or up to 10 years in prison, or both, depending upon the amount structured.
Structuring is the practice of executing financial transactions (such as the making of bank deposits) in a specific pattern calculated to avoid the creation of certain records and reports required by law, such as the United States of America’s Bank Secrecy Act (BSA) and IRS section 6050I (relating to the requirement to file Form 8300). Structuring includes the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by law enforcement or regulators. Structuring often appears in federal indictments related to money laundering, fraud and drug conspiracies.
We have a team of lawyers, former IRS criminal agents, former law enforcement investigators and federal sentencing guideline specialists read to assist you or your loved one. So if you are being investigated for structuring please contact us now so that we may begin our defense. If you would like to sit down and discuss your legal situation with our firm please contact us at your earliest convenience.