Regulatory Alerts2020-10-01
Circular CN-FIU/2020/7: AML/CFT Compliance Obligations for Financing Businesses
The Maldives Monetary Authority issued Circular CN-FIU/2020/7 to mandate Anti-Money Laundering and Combating the Financing of Terrorism compliance for all licensed Financing Businesses. The directive requires entities to designate a Compliance Officer and implement robust internal policies, including customer identification, transaction monitoring, suspicious activity reporting, and employee screening. Additionally, regulated firms must establish internal audit arrangements and control measures to ensure the safety of systems and records against financial crime.
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