Regulatory Alerts2023-10-16
Credit Information System Regulation
The Maldives Monetary Authority issued Regulation 2022/R-120 to mandate participation in the Credit Information System for banks, financing companies, and other licensed credit providers. The regulation requires these entities to submit accurate and up-to-date personal and credit data while restricting access and usage to specific risk assessment and monitoring purposes. It further establishes strict confidentiality obligations, data security measures, and complaint resolution mechanisms to protect data subjects.
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