Structure currency record easily

Aug 6th, 2022
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How to structure currency record

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What I want to do in this video is to give you an intuitive sense of how a market for currencies would actually work. And its very non-inuitive for a lot of people because were going to be talking about currencies becoming more expensive or cheaper, or the price of a currency in terms of another one. And what I want to do is give you a very intuitive feel for that. So lets say, just because this is a hot topic right now, lets just make the two currencies the Chinese renminbi and the U.S. dollar. And the unit of exchange in China is a little confusing because sometimes they use the word renminbi and sometimes the word yuan. The yuan is the unit of the renminbi. So lets say right now, if I were to just go on some website-- and this is not the actual exchange rate right now, but lets say right now the quoted exchange rate is 10 yuan per U.S. dollar. 10 yuan is equal to $1. And every time I say dollar in this video, Im referring to the U.S. dollar. And I think this makes sense to a

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Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).
Cash transaction reporting (CTR) Counterfeit Currency Reporting (CCR) Suspicious Transaction Report (STR)
The forms required to track these large transactions are known as Currency Transaction Reports (CTR). These reports can play an important role in any number of federal prosecutions. Any white-collar crime involving bank transactions or large transfers of money could be prosecuted using CTRs as evidence.
What Is a Currency Transaction Report (CTR)? A currency transaction report (CTR) is a bank form used in the United States to help prevent money laundering. This form must be filled out by a bank representative whenever a customer attempts a currency transaction of more than $10,000.
A Suspicious Transaction Report (STR) is a document that financial institutions must file with their Financial Intelligence Unit (FIU) whenever there is a suspected case of money laundering or fraud.
Suspicious Transactions Reports (STRs) include detailed information about transactions that are or appear to be suspicious. The purpose of a STR is to report known or suspected violations of law or suspicious activity observed by reporting entities subject to the provision related ALPA, 2008.
Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).
As per section 7(1) of AML Act, 2010, the reporting entities are required to promptly report a STR i.e. without any delay. When the suspicion is formed by the reporting entity after analysis of the related transactions or activities, the STR should be filed immediately to FMU.

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