Regulatory Alerts2023-06-01
Circular CN/2023/4509: Advisory Notice on Expatriate Accounts
The Maldives Monetary Authority's Financial Intelligence Unit issued this advisory to address the misuse of expatriate accounts for illicit activities such as money laundering and tax evasion. Banks are instructed to ensure transactions align with intended purposes like salary deposits, limit the number of accounts per expatriate, and strengthen risk-based customer due diligence. The regulator emphasizes that these measures must be implemented without excluding legitimate businesses and consumers from the formal financial system.
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