KUALA LUMPUR: A businesswoman is expected to be charged on Tuesday (June 29) for structuring fund deposits into her business bank account to evade detection by the bank. Structuring a transaction or better known as smurfing is a technique used by financial criminals to deposit or withdraw cash obtained from illegal activities. "More than RM230,000 were deposited into the business account via several transactions. CTR is a mechanism used by Bank Negara to monitor any cash transaction, be it deposit or withdrawal, conducted by any individual at a bank. In December 2018, Bank Negara amended the transaction amount that requires a report from a bank, which is from RM50,000 daily to RM25,000 daily.

Source: The Star June 28, 2021 09:45 UTC