CAMS · Question #580
A compliance analyst has recently investigated an account where money was deposited in amounts below the reporting limit and almost entirely withdrawn in a foreign country. Which type of money…
The correct answer is C. Structuring. According to the Anti-Money Laundering Specialist (the 6th edition) study guide, structuring is a technique used by money launderers to avoid triggering currency transaction reporting requirements by breaking down large amounts of cash into smaller deposits that are below the…
Question
A compliance analyst has recently investigated an account where money was deposited in amounts below the reporting limit and almost entirely withdrawn in a foreign country. Which type of money laundering is the compliance analyst potentially identifying?
Options
- ATrade-based
- BCheck Kiting
- CStructuring
- DMicrostructuring
How the community answered
(28 responses)- A18% (5)
- B4% (1)
- C71% (20)
- D7% (2)
Explanation
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, structuring is a technique used by money launderers to avoid triggering currency transaction reporting requirements by breaking down large amounts of cash into smaller deposits that are below the reporting threshold. Structuring can also involve withdrawing cash in small amounts from different locations or branches to evade detection and scrutiny. Therefore, the compliance analyst is potentially identifying structuring as the type of money laundering in this case.
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