How to fix the MaxReceivedMessageSize error while using an AX2012 AIF service

The error message: The maximum message size quota for incoming messages (65536) has been exceeded. To increase the quota, use the MaxReceivedMessageSize property on the appropriate binding element. What is the cause? When you setup your AIF Service in AX2012 (basically a WCF service), you can also define an property called MaxReceivedMessageSize for your binding. The problem is, the MaxReceivedMessageSize...