Regulatory Alerts2015-01-15
Regulation on Prevention of Money Laundering and Financing of Terrorism for Money Transfer Business and Money Changing Business
The Maldives Monetary Authority issued this regulation to establish mandatory anti-money laundering and counter-financing of terrorism compliance requirements for licensed money transfer and foreign exchange businesses. It mandates strict customer due diligence, risk-based monitoring, detailed record-keeping for five years, and immediate reporting of suspicious or large-value transactions to the Financial Intelligence Unit. The regulation also enforces transaction freezing powers, weekly reporting obligations, and legal protections against disclosure for entities acting in good faith.
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