Regulatory Alerts2017-09-14
Circular CN-FIU/2017/15: Information Paper on BEC Scams
The Maldives Monetary Authority issued Circular CN-FIU/2017/15 to direct all regulated banks to implement preventive measures against Business Email Compromise (BEC) scams. The circular mandates that banks enhance internal controls, including risk assessments, staff training, and customer awareness, to mitigate financial fraud risks. Additionally, banks are required to file suspicious transaction reports with the Financial Intelligence Unit immediately upon suspecting BEC-related activities.
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