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Starting a money exchange business can be a lucrative venture in today’s global economy. However, it’s essential to understand and comply with the legal regulations surrounding this industry to ensure your business operates smoothly and avoids potential penalties. In this friendly and informative guide, we’ll provide an overview of the key legal aspects you need to consider when starting a money exchange business .
One of the first steps in setting up a money exchange business is obtaining the necessary licenses and registrations. These requirements may vary depending on your location but typically involve the following:
Know Your Customer (KYC) And Customer Due Diligence (CDD)