Currency Dealer/Exchanger

Currency Dealer / Exchanger

Businesses that buy, sell or exchange the currency of one nation for that of another under an exchange rate are currency dealers or exchangers. Those currency dealers or exchangers exchanging currency in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions are an MSB.

As an MSB, the business must comply with the Bank Secrecy Act. In addition to compliance with federal law, such businesses must also typically become licensed and comply with state regulations.