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In banking, smurfing refers to splitting of a large [financial] transaction into multiple smaller transactions, each of which is below a minimum limit (such as $10,000) above which banks must report any [financial] transaction, precisely for the purpose of evading scrutiny by [regulators] or law enforcement. Someone who smurfs is a smurf in this context. Usualy hired by drug runners and usualy more than one to move an large amount of cash to launder it.
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