Regulatory Alerts2021-08-29
Circular CN-PSD/2021/4: Acquiring and Settling Card Transactions Conducted in Maldives in MVR
The Maldives Monetary Authority mandates that all banks engaged in card payment acquiring must settle domestic transactions using locally issued cards in Maldivian Rufiyaa regardless of the underlying currency. This directive extends previous VISA-specific requirements to all other types of locally issued cards to facilitate local currency settlement. Banks must achieve compliance by 31 March 2022 and submit an implementation timeline to the regulator by 20 September 2021.
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