Regulatory Alerts2020-12-19
Circular CN-BSD/2020/9: Cash Withdrawal Limits
The Maldives Monetary Authority issued Circular CN-BSD/2020/9 to all commercial banks to encourage electronic transactions and reduce cash dependency. The directive imposes a daily cash withdrawal limit of MVR 200,000 or equivalent per customer across all channels, requiring currency consolidation. Banks must implement immediate compliance measures and ensure full adherence by 31st December 2020 while exercising adequate due diligence.
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