What indicates a structured transaction in the context of money laundering?

A structured transaction, often referred to as "smurfing," is a technique used in money laundering to evade detection by authorities. The characteristic feature of structured transactions is that they involve breaking down large amounts of illicit money into smaller, less suspicious amounts.

In this context, a cash withdrawal just below $10,000 is an indication of structuring because individuals who are attempting to disguise the source of large cash amounts often withdraw amounts that are deliberately kept under the reporting threshold set by financial institutions. In the United States, for instance, transactions equal to or over $10,000 must be reported to the Financial Crimes Enforcement Network (FinCEN). By withdrawing amounts just below this limit, launderers aim to avoid triggering mandatory reporting requirements.

The other choices involve activities that do not specifically illustrate the intent to structure transactions around regulatory thresholds. For example, large cash deposits and frequent bank-to-bank transfers can be legitimate banking activities depending on the context. Changing currency frequently may also not necessarily indicate suspicious activity unless there's further context or a pattern suggestive of money laundering.