Regulatory Alerts2016-06-05
Circular CN-BSD/2016/10: Localization of the Banking Sector
The Maldives Monetary Authority mandates that banks prioritize local employment over expatriates and obtain regulatory approval before hiring foreign staff. Banks are required to appoint local nationals to key leadership positions, such as CEO or Country Manager, by the end of 2016. Additionally, all banks must submit a detailed localization plan covering both key positions and overall staffing by August 2016.
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