Circular CN-FIU/2020/8: Designation of an AML/CFT Compliance Officer

MALDIVES MONETARY AUTHORITY
MALDIVES

بسم الله الرحمن الرحيم

މޯލްޑިވްސް މަނިޓަރީ އޮތޯރިޓީ
ދިވެހިރާއްޖެ

Circular No: CN-FIU/2020/8

1st October 2020

TO: ALL FINANCING BUSINESSES REGULATED BY MALDIVES MONETARY AUTHORITY

DESIGNATION OF AN AML/CFT COMPLIANCE OFFICER

All Financing Businesses licensed by Maldives Monetary Authority are required to designate a Compliance Officer to oversee the anti-money laundering and combatting the financing of terrorism (AML/CFT) compliance of the institution as per Paragraph (b) of Section 21 of Law No. 10/2014 (Prevention of Money Laundering and Terrorism Financing Act).

It is recommended that the designated Compliance Officer should:

1. hold a senior position at the institution.
2. be adequately trained and resourced.
3. be based in Male’.
4. be available for any meetings, consultation or trainings that FIU conducts from time to time.

Institutions are also recommended to designate an additional staff to deputize the position in case the Compliance Officer is unavailable or on leave.

Institutions may designate Compliance Officer who undertakes other functions of the institution, as long as it will not limit or conflict with discharging the duties as the Compliance Officer.

Therefore, all Financing Businesses are advised to provide the name, position, contact details of the designated Compliance Officer with the same information of the person who will be deputizing the position, to this Unit no later than 11th October 2020 (Sunday).

Thank you for your continuing cooperation.

Yours sincerely,

[Signature]

Ibrahim Ahmed Nasir
Head of FIU
Financial Intelligence Unit

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