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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
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).
Banks report cash deposits totaling $10,000 or more. Banks have to report any deposits above $10,000 to the IRS on a form known as the Currency Transaction Report. Yes -- even if it's only $10,000.01.
A separate 2019 investigation from Roll Call found that the U.S. “is one of the largest havens for money laundering and tax evasion” in the world, and that’s partly because of how easy it is ...
Even if the cash is legitimate, making a large deposit gives the impression the money could be ill-gotten. “We have to be hypervigilant about deterring any potential money laundering activity ...
The term "money laundering" dates back to the days of Al Capone; money laundering has since been used to describe any scheme by which the true origin of funds is hidden or concealed. Money laundering is the process by which large amounts of illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the ...
“If you’re concerned about the safety of your deposits, there are a few things you can do,” said Alexa Serrano Cruz, CAMS, banking expert and certified anti-money laundering specialist at ...
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [1]