Circular CN-FIU/2015/7: Complying to Section 27 of Regulation for Prevention of Money Laundering and Terrorism Financing for Banks

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY
MALDIVES

މޯލްޑިވްސް މަނިޓަރީ އޮތޯރިޓީ
ދިވެހިރާއްޖެ

Circular No: CN-FIU/2015/7
May 6, 2015

To: ALL BANKS

COMPLYING TO SECTION 27 OF REGULATION FOR PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING FOR BANKS

MMA has received complaints regarding the procedures allegedly being used to implement Section 27 of Regulation for Prevention of Money Laundering and Terrorism Financing for Banks. This section provides:

Each Bank shall, within 3 (three) months following the commencement of this Regulation, perform customer due diligence measures stipulated in this Regulation for existing customers when this Regulation comes into effect.

The implementation of the above quoted provision was discussed in the monthly meeting of Compliance Officers held on Monday, 27 April 2015.

FIU, in the presence of all the Compliance Officers, have responded stating that FIU is more concerned in verifying that the banks have an on-going process to update as per the above quoted, rather than the actual deadline. No further comments or concerns have been raised about this matter on or after the said meeting.

FIU, have been repeatedly assuring the banks, that the nature of our compliance process will be flexible, adaptable and will take into consideration the reality of the country’s socio-economic life.

Therefore, we urge the banks and specifically the Compliance Officers to take a flexible and practical approach in this respect such that customers are not unduly burdened resulting in negative impacts to the respective bank and to the financial sector of the country.

Thank you for your continuing cooperation.

Yours sincerely,

[Signature]

Ibrahim Athif Shakoor
Head of FIU
Financial Intelligence Unit

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