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.
بسم الله الرحمن الرحيم
MALDIVES MONETARY AUTHORITY MALDIVES
Circular no: CN-BSD/2020/9
19th November 2020
To: All Commercial banks
Dear Sirs,
CASH WITHDRAWAL LIMITS
In order to encourage electronic transactions and reduce dependency on cash and the associated risks, cash withdrawal transactions across all the channels will be subject to a daily limit of MVR 200,000 or equivalent per customer (currencies should be consolidated).
Banks should take immediate measures to comply with this requirement, and ensure full compliance by 31st December 2020.
Banks are reminded to exercise adequate due diligence in allowing cash transactions for both deposits and withdrawals.
Yours sincerely,
[Signature]
Mariyam Shifa Assistant Governor, Financial Stability
Email: mail@mma.gov.mv | Majeedhee Building | mail@mma.gov.mv Website: www.mma.gov.mv | Boduthakurufaanu Magu, Male' 20182 | www.mma.gov.mv Telex: 77144 MMA OPR MF | Phone: (960) 330 8679, (960) 330 8682, (960) 331 4940, (960) 331 2343 | 77144 MMA OPR MF SWIFT: MMAUMVMV | Fax: (960) 332 3862 | MMAUMVMV