Regulatory Alerts2016-02-04
Regulation for Non-Bank Financial Businesses Operating in the Special Economic Zone
The Maldives Monetary Authority issued Regulation No. 24/2014 to establish the licensing, operational standards, and supervisory framework for non-bank financial institutions within the Maldives Special Economic Zone. The regulation mandates strict capital adequacy requirements, robust internal controls, and comprehensive reporting obligations to ensure financial stability and regulatory compliance. It further outlines the governance structures for boards and management, while granting the Authority powers to impose corrective measures and administrative penalties for violations.
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