Regulatory Alerts2022-07-18
Regulation on Financing Business
The Maldives Monetary Authority issued Regulation No. 132/R2021 to regulate the licensing and operation of financing businesses, establishing strict capital adequacy and reserve requirements for Tier 1 and Tier 2 entities. The regulation mandates comprehensive due diligence for license applicants, prohibits unauthorized financial activities, and imposes limits on exposure, investments, and deposit acceptance to ensure financial stability. It further outlines conditions for license issuance, renewal, suspension, and revocation, while enforcing compliance with anti-money laundering and corporate governance standards.
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