Regulatory Alerts2024-10-01
Regulation on Money Changing Business
The Maldives Monetary Authority issued Regulation No. 92R2024/2024 to regulate money changing businesses, replacing the 1987 rules and establishing a two-tier licensing system for foreign currency exchange. The regulation mandates that only licensed Tier 1 entities may buy and sell foreign currency, while Tier 2 entities are restricted to selling only, and requires strict compliance with anti-money laundering laws and corporate governance standards. It sets specific application fees, operational conditions, and supervisory measures to ensure the integrity and transparency of the foreign exchange market in the Maldives.
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