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Can you summarize IRM 4.26.13?
Bank Secrecy Act > Structuring
Short Summary
This section of the IRS - Internal Revenue Manuals addresses the Title 31 Bank Secrecy Act (BSA) law and regulations specifically related to structuring. The purpose of this section is to assist in identifying potentially structured transactions and developing structuring violation issues. The target audience for this IRM is BSA managers, examiners, and technical support personnel. The document governs the prohibition of structuring transactions to evade reporting requirements under the BSA and/or IRC 6050I. It applies to any person who acts with the purpose of evading reporting requirements related to domestic coins and currency transactions, purchasing certain monetary instruments, receiving cash payments over $10,000 in a trade or business, exporting and importing monetary instruments, complying with geographic targeting orders, and complying with recordkeeping requirements for transmittal of funds, foreign exchange dealers, casinos, and card clubs. The document prohibits actions such as causing a financial institution to fail to file required reports or maintain records, causing a financial institution to file reports with material omissions or misstatements, and structuring or assisting in structuring transactions with domestic financial institutions. The penalties for non-compliance or violation of the document’s provisions are not specified in the provided content.
Whom does it apply to?
BSA managers, examiners, and technical support personnel
What does it govern?
Title 31 Bank Secrecy Act (BSA) law and regulations specifically related to structuring
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The penalties for non-compliance or violation of the document's provisions are not specified in the provided content.
Jurisdiction
U.S. Federal Government