31 U.S.C. § 5324 – Structuring Transactions to Evade Reporting Requirements
This statute makes it a federal crime to structure transactions or cause reporting failures in order to evade federal currency and monetary instrument reporting requirements.
This statute targets efforts to evade reporting and recordkeeping requirements imposed under the Bank Secrecy Act and related federal laws.
It applies to conduct involving domestic financial institutions, nonfinancial trades or businesses, and international monetary instrument transactions when done for the purpose of avoiding required reports.
What the law prohibits.
A person violates this statute if they act for the purpose of evading federal reporting or recordkeeping requirements and knowingly:
- Cause or attempt to cause a financial institution to fail to file a required currency or transaction report
- Cause or attempt to cause a financial institution or nonfinancial trade or business to file a report containing a material omission or misstatement of fact
- Structure or assist in structuring, or attempt to structure or assist in structuring, transactions with one or more financial institutions
- Structure or assist in structuring, or attempt to structure or assist in structuring, transactions with one or more nonfinancial trades or businesses
- Fail to file, or cause or attempt to cause another to fail to file, required reports for the importation or exportation of monetary instruments
- Structure or assist in structuring, or attempt to structure or assist in structuring, the importation or exportation of monetary instruments
Penalties.
A person convicted under this statute shall be fined in accordance with title 18, United States Code, or imprisoned for not more than five years, or both.
If the violation occurs while violating another federal law or as part of a pattern of illegal activity involving more than $100,000 in a twelve-month period, the penalty is a fine of twice the amount otherwise authorized, imprisonment for not more than ten years, or both.
If you’re being investigated or charged under a federal structuring or Bank Secrecy Act statute, call (314) 900-HELP or contact our criminal defense attorneys to discuss your situation.
