Regulatory Alerts2015-02-09
Circular CN-FIU/2015/3: Cash Transactions and Electronic Funds Transfer Reporting
The Maldives Monetary Authority's Financial Intelligence Unit issued Circular CN-FIU/2015/3 to modify the reporting timeline for banks regarding cash transactions and electronic fund transfers exceeding MVR 200,000. The directive extends the submission deadline from the first banking day of the following week to the first banking day of the third week, allowing institutions a full week to compile and file their weekly reports. This adjustment, effective from the first week of March 2015, aims to enhance the quality of financial data submitted by banks.
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