Regulatory Alerts2019-05-13
Added · Updated
Circular CN-BSD/2019/6: Fraud Risk Management and Reporting
The Maldives Monetary Authority mandates that all commercial banks establish board-approved internal policies for fraud prevention, detection, and investigation. Banks must report specific fraud incidents to the regulator within strict timeframes, including immediate notification for cross-bank risks and same-day reporting for customer fund impacts. Additionally, institutions are required to submit quarterly returns detailing all fraud occurrences and maintain contact protocols for urgent out-of-hours alerts.
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