Question

CMIR ( International Transportation of Currency or Monetary Instruments) must be filed whenever anyone physically transports, sends, or receives cash, cash equivalents, or monetary instruments in an aggregate amount of more than ________.

1) 10,000
2) 50,000
3) 100,000
4) 500,000

Answer 1

A CMIR must be filed for physical transportation of cash or monetary instruments over $10,000 to help track large currency movements and prevent illegal activities.

Step-by-step explanation:

The CMIR (Currency and Monetary Instrument Report) must be filed whenever anyone physically transports, sends, or receives cash, cash equivalents, or monetary instruments such as travelers checks, money orders, and negotiable instruments, in an aggregate amount of more than $10,000.

This requirement is designed to prevent money laundering and other illegal financial activities by tracking large movements of currency. Details such as the amount, the source, and the intended purpose of the transported funds must be provided when filing a CMIR.