Which of the following is NOT an example of a layering transaction?

Layering is a stage in the money laundering process where illicit funds are obscured through a series of complex transactions. The goal is to make tracing the origin of the money increasingly difficult for authorities.

In this context, the option that does not exemplify a layering transaction is when a customer makes a cash deposit of $9,500 to avoid the necessity of a Currency Transaction Report (CTR). This action is more of a placement strategy, which is the initial phase of money laundering where illicit cash is introduced into the financial system. By depositing just under the threshold that would require reporting, the individual is attempting to evade regulatory oversight, but it does not involve the complexity or multiple steps characteristic of layering.

Layering transactions, on the other hand, typically involve several intermediary steps designed to disguise the money trail—such as changing the currency of the money, making wire transfers between various accounts under different names, or conducting bank-to-bank transfers, all of which serve to further distance the funds from their illicit origins.