What is an example of smurfing? - ProProfs Discuss
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What is an example of smurfing?



A. A broker buying pesos with U.S. Dollars
B. A drug dealer asking a stranger to buy a money order with drug money
C. Wiring money to a foreign counrty
D. None of the above

This question is part of Anti-Money Laundering Quiz
Asked by Lorna.cajina, Last updated: Aug 08, 2020

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2 Answers

Chris Kenway

Chris Kenway, Content Writer, Jacksonville

Answered Feb 13, 2019

The correct answer to this question is B. The term "smurf" is a colloquial term for a money launderer, derived from the small cartoon characters of the same name. By breaking up large amounts of money into smaller amounts, they are able to keep their transactions under a reporting threshold, or an amount subject to scrutiny.

These transfers can be done as cash deposits, money orders, prepaid gift cards, etc. Another strategy is to complete multiple transactions over a number of days. This process is often also outsourced to multiple third parties, including strangers, to further reduce the risk of being caught.

 

John Smith

John Smith

Answered Jul 30, 2017

A drug dealer asking a stranger to buy a money order with drug money
 

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