Regulatory Alerts2017-08-30
Circular CN-FIU/2017/14: AML/CFT Risks Associated with Cash-Based Transactions
The Maldives Monetary Authority's Financial Intelligence Unit issued this circular to all regulated financial institutions regarding the heightened money laundering and terrorism financing risks inherent in cash transactions. The regulator advises institutions to implement appropriate customer due diligence measures for large cash transactions that do not align with the customer's expected profile or declared economic purpose. Although no universal threshold is mandated, institutions must establish their own risk-based limits for cash transactions based on customer wealth sources and historical transaction volumes.
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