Regulatory Alerts2014-12-24
Circular CN-BSD/2014/04: Procedures for Treatment of Dormant Accounts
The Maldives Monetary Authority issued Circular CN-BSD/2014/04 to mandate specific procedures for commercial banks regarding the handling of dormant accounts under Section 35 of the Banking Act. Banks must notify inactive account holders, publish unclaimed names, and transfer dormant funds inclusive of interest to the MMA by June 30 annually, with a one-time compliance deadline of March 31, 2015. The circular further outlines the MMA's process for verifying claimant identity and disbursing funds, requiring banks to retain supporting documentation while directing non-customer heirs to the Civil Court for disputes.
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