Regulatory Alerts2015-05-06
Added · Updated
Circular CN-FIU/2015/7: Complying to Section 27 of Regulation for Prevention of Money Laundering and Terrorism Financing for Banks
The Financial Intelligence Unit of the Maldives Monetary Authority issued this circular to clarify the implementation timeline for customer due diligence on existing customers under Section 27 of the anti-money laundering regulation. The regulator emphasized that its primary concern is the establishment of an ongoing compliance process rather than strict adherence to the initial three-month deadline. Banks and compliance officers are urged to adopt a flexible and practical approach to avoid unduly burdening customers and negatively impacting the financial sector.