Regulatory Alerts2017-04-03
Circular CN-BSD/2017/9: External Audit Reports - Reliability of Internal Controls
The Maldives Monetary Authority mandates that banks ensure external auditors provide detailed assessments of internal controls as required by Section 49(f)(2)(b) of the Maldives Banking Act. While general reliability assessments must be included in the main report, banks may submit separate reports on risk management policies and anti-money laundering systems directly to the regulator. This requirement applies to external audits for the year 2017, with results due by 30th April 2018.
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