Definition of structuring

money laundering scheme to evade reporting requirements under federal law. This happens when cash in excess of $10,000 is deposited at a bank in several transactions under that amount. Cash deposits of $10,000 or more are reported to federal law enforcement agencies under the Money Laundering Control Act of 1986. The law requires everyone, including lawyers, autodealers, and so on, to report cash deposits over $10,000. Cash purchases of travelers checks and money orders in amounts as small as $3,000 also are reportable under certain conditions. If structuring is suspected, however, bank tellers still are required to fill out a Currency Transaction Report. Such transactions must be reported not only to banking authorities, but also to the U.S. Secret Service and the IRS.