Regulatory Alerts2022-09-29
Circular CN-2022/2104: Procedure for Confiscation of Counterfeit Banknotes
The Maldives Monetary Authority mandates that all commercial banks immediately confiscate suspected counterfeit banknotes in the presence of customers, stamp them as counterfeit, and issue a detailed receipt capturing customer identification and note specifics. Banks must maintain strict chain-of-custody records, submit confiscated notes to the Authority within one business day in the Greater Male’ area or five days for outer islands, and forward all documentation directly to the Cash and Vault Management Section. If verification confirms the notes are genuine, the Authority will return them and the bank must fully reimburse the customer, while this directive simultaneously annuls four previous circulars governing counterfeit handling.
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