Regulatory Alerts2015-09-08
Regulation on Fit and Proper Requirements
The Maldives Monetary Authority issued this regulation to ensure that all administrators and major shareholders of licensed banks meet strict fit and proper criteria. It mandates that banks provide 30 days' prior notice for appointments and obtain approval for significant share acquisitions, while defining specific standards for competency, integrity, and financial stability. The document further outlines reporting obligations and empowers the regulator to impose corrective measures and sanctions for non-compliance.
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