Regulatory Alerts2023-06-01
Advisory Notice: Sole Proprietorship Funds Routed through Expatriate Accounts
The Maldives Monetary Authority's Financial Intelligence Unit issued Circular CN/2023/4508 to enforce Regulation No. 2023/R-109, which prohibits sole proprietors from conducting business activities that benefit foreigners. Reporting entities, including banks and remittance service providers, are required to strengthen transaction monitoring and conduct due diligence to detect and report transactions by foreigners that do not align with their declared legitimate income. The Authority advises implementing these risk-based measures to prevent money laundering while ensuring that legitimate businesses and consumers are not excluded from the formal financial system.
Share