Smurfing (also called structuring) is a method in which small sizes of money is kept in several number of bank accounts to hide the real identity of the real owner.  

• This has been a very commonly used method of money-laundering.  
• During the reform period, as more prudential norms of banking regulation evolved, such acts declined in India.  

‘Smurfer’ (or ‘money mule’) is a person who does this. 

Source: TMH Ramesh Singh