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Without those who serve in the capacity of money exchangers, buying and selling goods in foreign markets would be much more difficult. Currency exchange businesses must meet certain regulations and guidelines designed to prevent money laundering and other illegal financial activities.
Record-Keeping One of the most important sets of rules and regulations regarding money exchange businesses revolves around the need for complete and accurate record-keeping. This is designed to prevent those in the money exchange business from engaging in money laundering.
These rules vary by state. The state of Illinois, for example, requires that a daily cash sheet be kept, all check registers and bank statements be retained, and that all other types of related financial records be available for examination by public officials.
Licensing Licensing is required to run a foreign currency exchange business. In Illinois, for example, anyone found guilty of running one of these businesses without a license is guilty of a misdemeanor.
Fees The fees that money exchangers charge are limited by state regulation.
This prevents unfair trading practices by those that exchange currency by limiting the maximum amount they can charge per financial transaction. The amount that can be charged is generally dependent upon the amount of the check itself.
Tax Reporting Those engaged in a money exchange business are required by the Internal Revenue Service to report their earnings in U. Instead, any exchange business located in the United States must use dollars only when reporting income.
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The reason why I applied to this exchange program is that I have a dream to work globally in the field of business and achieve Master of Management Administration in order to travel around the world with self-confidence.
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