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.
بسم الله الرحمن الرحي م
[MALDIVES MONETARY AUTHORITY LOGO]
Circular No: CN-FIU/2022/6
URGENT & CONFIDENTIAL
10 March 2022
To: ALL BANKS.
Advisory: Increase in Fraud and Ponzi Schemes
It has come to our attention that cases of fraud and Ponzi Schemes have increased recently, including collection of funds from the general public by promising large returns through alleged investment schemes.
Therefore, all banks are advised to be extra vigilant, keeping your customers informed while continuing to conduct enhanced due diligence practices as per Bank policies.
Thank you for your continued cooperation.
Yours Sincerely,
[Signature]
Ibrahim Ahmed Nasir Head of Financial Intelligence Unit
CC: Banking Supervision Division, Maldives Monetary Authority
Phone: +960 3314940 / +960 3339880 :ގުޅުއްވާ Fax: +960 332 3862 :ފެކްސް Email: mail@mma.gov.mv :އީމެއިލް SWIFT: MMAUMVMV :ސްވިފްޓް
Maldives Monetary Authority mma.gov.mv