Regulatory Alerts2015-01-05
First Amendment to the Maldives Banking Act (2015)
The Office of the President of Maldives issued the First Amendment to the Maldives Banking Act (2015) to strengthen regulatory oversight and financial integrity. The amendments introduce strict limits on credit exposure to related parties, mandate enhanced anti-money laundering and counter-terrorism financing procedures, and establish new operational standards for banking hours and payment systems. Additionally, the law expands the Monetary Authority's powers regarding deposit insurance participation, fee structures, and involvement in financial sector development projects.
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