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

A structured transaction, often referred to as "smurfing," is characterized by the practice of breaking up large amounts of illicit cash into smaller, less suspicious amounts to evade detection and reporting requirements, particularly those mandated for transactions over a certain threshold—often $10,000 in many jurisdictions.

When a cash withdrawal just below $10,000 occurs, it can be indicative of an attempt to avoid triggering the bank's reporting requirements. This strategy allows the money launderer to make multiple transactions that appear to be legitimate, reducing the likelihood of scrutiny from financial institutions and regulatory bodies.

In contrast, a large cash deposit into an account would typically be more conspicuous and could attract attention for its size. Changing currencies frequently could be a sign of certain financial behaviors but does not specifically indicate structuring. Frequent bank-to-bank transfers might also raise flags depending on their context and amounts but do not inherently display the pattern of deliberately avoiding reporting requirements as seen in structured transactions.