Regulatory Alerts2015-06-14
Regulation for Offshore Banks Operating in the Special Economic Zone
The Maldives Monetary Authority issued Regulation No. 146R2015 to govern the licensing, capital requirements, and operational conduct of offshore banks within the Special Economic Zone. The regulation mandates a minimum paid-up capital of 60 million Maldivian Rufiyaa and requires banks to maintain strict internal controls, audit procedures, and confidentiality standards. It further outlines specific permitted banking services, board composition rules, and the authority's power to supervise and enforce compliance with financial stability measures.
Share