Regulatory Alerts2015-09-08
Maldives Monetary Authority Circular CN-BSD/2015/13: Revision to Procedures for Treatment of Dormant Accounts
The Maldives Monetary Authority issued Circular CN-BSD/2015/13 to revise the procedures for handling dormant accounts, specifically simplifying the process for disbursing funds to claimants. The document mandates that commercial banks notify inactive account holders after five years of inactivity and transfer the associated funds to the MMA by June 30th each year. It further outlines the specific documentation and verification steps required for account holders or their representatives to successfully claim these dormant funds from the central bank.
Share