Regulatory Alerts2017-12-27
First Amendment to Regulation on Transactions with Related Persons
The Maldives Monetary Authority issued this amendment to Regulation No. 2015/R-173 to redefine the scope of "related persons" for banks. The updated definition expands the category to include bank administrators, their close family members, financial dependents, holders of qualifying holdings, affiliated undertakings, holding companies, and all bank employees. This regulatory change officially commences upon its publication in the Gazette of the Government of Maldives.
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