Circular CN-FIU/2020/7: AML/CFT Compliance Obligations for Financing Businesses

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY
MALDIVES

Circular No: CN-FIU/2020/7

1st October 2020

TO: ALL FINANCING BUSINESSES REGULATED BY MALDIVES MONETARY AUTHORITY

AML/CFT COMPLIANCE OBLIGATIONS

This Circular is issued to all Financing Businesses licensed and regulated by Maldives Monetary Authority.

As per the applicable provisions of Law No. 10/2014 (Prevention of Money Laundering and Terrorism Financing Act) all financial institutions licensed and regulated by Maldives Monetary Authority are required to comply with and adhere to the applicable provisions of the law and the regulations, guidelines or instructions issued thereunder.

Hence, all Financing Businesses are required to:
1- Designate a Compliance Officer to oversee the anti-money laundering and combatting the financing of terrorism (AML/CFT) compliance measures of the institution. 2- Establish adequate policies, procedures, systems and internal controls to ensure the services and systems are not being used for money laundering and terrorism financing activities. At minimum, the policies, procedures, systems and internal controls should include:
a. Identification and verification of customers b. Monitor transactions and customer activities
c. Report suspicious activities and transactions
d. Prevent tipping-off
3- Establish internal policies, procedures and controls to ensure high standards in hiring employees, and prescribe compliance management arrangements and adequate screening procedures. 4- Establish internal audit arrangements to check conformity, compliance with and effectiveness of the measures taken to implement measures to combat money laundering and terrorism financing. 5- Establish internal control measures to ensure safety and systems and records.

Should you need any assistance and information in relation to AML/CFT compliance, please do not hesitate to contact this Unit.

Yours sincerely,

[Signature]

Ibrahim Ahmed Nasir
Head of FIU
Financial Intelligence Unit

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