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2020-10-01

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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MALDIVES MONETARY AUTHORITY MALDIVES

بسم الله الرحمن الرحيم

މޯލްޑިވްސް މަނިޓަރީ އޮތޯރިޓީ ދިވެހިރާއްޖެ

Circular No: CN-FIU/2020/8

1st October 2020

TO: ALL FINANCING BUSINESSES REGULATED BY MALDIVES MONETARY AUTHORITY

DESIGNATION OF AN AML/CFT COMPLIANCE OFFICER

All Financing Businesses licensed by Maldives Monetary Authority are required to designate a Compliance Officer to oversee the anti-money laundering and combatting the financing of terrorism (AML/CFT) compliance of the institution as per Paragraph (b) of Section 21 of Law No. 10/2014 (Prevention of Money Laundering and Terrorism Financing Act).

It is recommended that the designated Compliance Officer should:

  1. hold a senior position at the institution.
  2. be adequately trained and resourced.
  3. be based in Male’.
  4. be available for any meetings, consultation or trainings that FIU conducts from time to time.

Institutions are also recommended to designate an additional staff to deputize the position in case the Compliance Officer is unavailable or on leave.

Institutions may designate Compliance Officer who undertakes other functions of the institution, as long as it will not limit or conflict with discharging the duties as the Compliance Officer.

Therefore, all Financing Businesses are advised to provide the name, position, contact details of the designated Compliance Officer with the same information of the person who will be deputizing the position, to this Unit no later than 11th October 2020 (Sunday).

Thank you for your continuing cooperation.

Yours sincerely,

[Signature]

Ibrahim Ahmed Nasir Head of FIU Financial Intelligence Unit

Email: mail@mma.gov.mv Website: www.mma.gov.mv Telex: 77144 MMA OPR MF SWIFT: MMAUMVMV

Majeedhee Building Boduthakurufaanu Magu, Male’ 20182 Phone: (960) 330 8679, (960) 330 8682, (960) 331 4940, (960) 331 2343 Fax: (960) 332 3862

mail@mma.gov.mv www.mma.gov.mv 77144 MMA OPR MF MMAUMVMV

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