Regulatory Alerts2025-10-09
First Amendment to the Regulation on Money Changing Business (Dhivehi)
The Maldives Monetary Authority issues this First Amendment to the Regulation on Money Changing Business to establish a two-tier licensing system for foreign currency exchange operations. The regulation mandates that Tier 1 licensees must operate from designated permanent locations, maintain specific security deposits, and appoint independent compliance officers to ensure adherence to anti-money laundering laws. Furthermore, it introduces strict transaction limits for cash exchanges, requires all business-to-business transactions to be conducted via bank accounts, and sets specific application and annual renewal fees for both Tier 1 and Tier 2 licensees.
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