Regulatory Alerts2022-07-25
Credit Information System Regulation
The Maldives Monetary Authority issued Regulation No. 120R2022 to mandate licensed banks and financing companies to participate in the national Credit Information System. The regulation defines specific credit data and personal information that must be submitted, ensuring accuracy and timeliness while restricting access to authorized purposes. It establishes strict confidentiality obligations, internal control measures, and a formal dispute resolution mechanism for data subjects.
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