Structuring of Deposits
In general, federal law makes it illegal to deposit currency at a financial institution with the intent and purpose of evading federal reporting requirements. Financial institutions are required to file suspicious activity reports in connection with the deposit of cash exceeding $10,000.00. Where the Government believes that an individual is depositing cash in amounts less than $10,000.00 with the intent of evading the bank’s reporting obligations, such individual may be federally prosecuted. Our firm has represented numerous individuals and businesses in connection with structuring investigations. Such investigations may begin with the Internal Revenue Service seizing funds in a financial account where they suspect structuring is taking place. In other cases, the IRS will show up at an individual’s residence and seek to interview the individual regarding the financial transactions. When funds are seized, it may be possible to have some or all of the seized funds returned.