Regulatory Alerts2024-10-01
Regulation on Fees and Charges Payable by Financial Institution
The Maldives Monetary Authority issued Regulation No. -80R2016 to establish the fee structure and payment obligations for banks and non-bank financial institutions operating in the Maldives. The regulation mandates specific application fees for licensing and system participation, as well as annual fees calculated based on net assets or gross premiums, payable by July 15 each year. It further stipulates that failure to pay these fees by the due date subjects the institution to penalties of up to MVR 100,000 per day of delay.
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