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The foreign exchange market is the biggest financial market in the world, operating 24/7 and trading more than USD $5.4 trillion per day. International businesses trade to enable cross-border transactions or hedge their operations, people exchange money for their travels or to send remittances and money traders are buying and selling currencies for profit.

With the massive amounts of money involved, there’s significant risk of money laundering, which is why forex brokers must follow strict Anti-Money Laundering (AML) regulations. While each jurisdiction is different, these brokers generally fall under the rubric of money service businesses (MSBs) and requirements often include:

  • Establishing written policies and…



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