Regulatory Alerts2021-04-28
Circular CN-PSD/2021/1: Participation and Integration to the Instant Payment System
The Maldives Monetary Authority mandates all banks to participate in and integrate with the new Instant Payment System developed under the Maldives Payment System Development Project. This requirement, issued pursuant to Sections 37(a) and 64 of the Maldives Banking Act, obligates banks to establish connectivity and facilitate real-time payment processing according to specified instructions and timelines. Non-compliance with these directives may result in enforcement actions and penalties imposed by the regulator.
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