Regulatory Alerts2017-03-16
Circular CN-FIU/2017/7: AML/CFT Compliance Obligations for Card Issuers and Acquirers
The Maldives Monetary Authority issued this circular to mandate Anti-Money Laundering and Counter-Terrorism Financing compliance for all licensed banks issuing credit or charge cards and providing merchant acquiring services. These institutions are required to verify merchant identities, monitor transactions for expected activity, and report suspicious activities while maintaining detailed transaction records. Although threshold transaction reports are not required for merchant-conducted transactions, banks must implement internal controls to ensure system security and adhere to the Prevention of Money Laundering and Terrorism Financing Act.
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