Regulatory Alerts2020-10-01
Circular CN-FIU/2020/8: Designation of an AML/CFT Compliance Officer
The Maldives Monetary Authority mandates all licensed financing businesses to designate a Compliance Officer to oversee anti-money laundering and counter-terrorist financing obligations under Law No. 10/2014. The directive recommends that the officer hold a senior position, be adequately resourced, be based in Malé, and have a designated deputy to ensure continuous coverage. Institutions must submit the names and contact details of both the primary officer and their deputy to the Financial Intelligence Unit by October 11, 2020.
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