Regulatory Alerts2019-12-31
Circular CN-BSD/2019/18: Cyber Security Framework in Banks
The Maldives Monetary Authority mandates all commercial banks to implement a Board-approved cyber security policy addressing risk mitigation, access control, and crisis management. Licensed banks must report specific cyber security events within one working day of detection and submit quarterly summaries within ten days of each quarter's end. Additionally, banks are required to discontinue processing payments via email instructions by the end of January 2020 to mitigate business email compromise risks.
Share