Regulatory Alerts2016-03-06
Maldives Monetary Authority Guidance Note on Transaction Monitoring
The Maldives Monetary Authority issued this circular to require banks to exercise ongoing due diligence and monitor transactions for consistency with customer profiles under the Prevention of Money Laundering and Financing of Terrorism Act. The document provides a non-exhaustive list of suspicious indicators and red flags to assist financial institutions in detecting potential money laundering and terrorist financing activities. Banks are advised to use these examples to enhance their monitoring systems while maintaining their own risk-specific indicators to ensure compliance with applicable laws and international standards.
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