Regulatory Alerts2022-03-10
Circular CN-FIU/2022/6: Advisory on Increase in Fraud and Ponzi Schemes
The Maldives Monetary Authority's Financial Intelligence Unit issued an urgent advisory to all banks regarding a recent surge in fraud and Ponzi schemes involving promises of large returns. The regulator mandates that financial institutions maintain heightened vigilance and continue implementing enhanced due diligence practices in accordance with their internal policies. Additionally, banks are instructed to proactively keep their customers informed about these emerging risks to mitigate potential losses.
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