Regulatory Alerts2025-08-28
First Amendment to the National Payment System Act
The President of the Maldives enacted Law No. 14/2025, amending the National Payment System Act to expand the Monetary Authority's operational powers and enforce stricter licensing requirements. The amendment grants the Authority the right to own, establish, and operate payment systems, as well as create joint ventures, while prohibiting unlicensed solicitation of payment services within or targeting the Maldives. Violations of the new solicitation ban are subject to significant fines ranging from 100,000 to 10,000,000 Rufiyaa, with the law taking effect upon its publication in the Gazette.
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