Region

Jurisdiction

Regulator

2016-03-14

Circular CN-BSD/2016/4: General Licensing Requirements to Open a Branch, a Subsidiary or a Representative Office

The Maldives Monetary Authority issued this circular to outline the licensing requirements for banks seeking to establish a branch, subsidiary, or representative office under the Maldives Banking Act 2010. Banks must submit a written notice at least 30 days prior to opening and provide detailed information including organizational structure, management details, internal controls, and a feasibility study. Foreign banks are additionally required to obtain approval from their home country regulator as part of the application process.

Maldives

Maldives Monetary Authority

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY MALDIVES

Circular no: CN-BSD/2016/4

14th March 2016

To: All Banks

Dear Sir,

General licensing requirements to open a Branch, a Subsidiary or a Representative Office

We refer to Section 4 of Maldives Banking Act 2010, where banks are required to obtain licence from MMA, prior to opening a branch, subsidiary, or representative office. In order to facilitate granting of such licence, banks operating in Maldives are required to provide not less than 30 days' written notice to the MMA, along with the following information related to the proposal:

the organizational structure,
information on the management,
internal control measures,
business plan describing the objectives and intended business activities, together with feasibility study,
public need: information to support the demand for a new branch, subsidiary or representative office,
in the case of foreign banks, approval from the home country regulator.

Yours sincerely,

Neeza Imad Assistant Governor, Financial Stability