Regulatory Alerts2016-09-28
Circular CN-FIU/2016/23: TBML Red Flags
The Maldives Monetary Authority issued Circular CN-FIU/2016/23 to require banks to enhance Know Your Customer and Customer Due Diligence measures against Trade Based Money Laundering. The directive provides a non-exhaustive list of suspicious indicators, or red flags, covering financial products, jurisdictions, goods, and corporate structures to aid in detecting illicit activities. Banks are advised to use these guidelines alongside their own specific indicators to monitor transactions and report suspicious activities to the Financial Intelligence Unit.
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