Regulatory Alerts2015-01-15
Regulation for Life Insurance and Family Takaful Insurance Businesses on Prevention of Money Laundering and Financing of Terrorism
The Maldives Monetary Authority issued this regulation to mandate comprehensive anti-money laundering and counter-financing of terrorism compliance for licensed life insurance, family takaful, and insurance brokerage businesses. It requires strict customer due diligence, enhanced monitoring for high-risk relationships, and the maintenance of detailed records for at least five years. Furthermore, it establishes mandatory reporting protocols for suspicious and large cash transactions to the Financial Intelligence Unit while granting legal immunity for good-faith disclosures and strictly prohibiting tipping off.
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