By "separately," the guidance means you should consider the cash in part of the currency exchange separately from the cash out (you don't net or combine the amounts), and report both the amount in and the amount out if both are in excess of $10,000 (if you received $9,000 cash and $2,000 in check form and paid out a total of $11,000, you would not list the "cash in" side of the exchange, and you would check both box 32 and box 33, along with box 35 if the check is drawn on your bank).
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8