Circular CN-FIU/2015/3: Cash Transactions and Electronic Funds Transfer Reporting

بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY
MALDIVES

Circular No: CN-FIU/2015/3

February 9, 2015

To: ALL BANKS

CASH TRANSACTIONS AND ELECTRONIC FUNDS TRANSFER REPORTING

Sections 20 and 21 of the Regulation for Banks on Prevention of Money Laundering and Financing of Terrorism; issued under Law No. 10/14 (Prevention of Money Laundering and Financing of Terrorism Act), stipulates that banks are required to submit weekly reports of cash transactions and electronic fund transfers above MVR 200,000.00.

After consultations and representation by Compliance Officers, FIU is pleased to inform that banks may submit the said transaction a week later rather than the first banking day of the following week. This would mean that submission of report for the 1st week of the month need only to be submitted on the first banking day of the 3rd week.

This change will come into effect from the first week of March 2015.

By extending the reporting interval FIU is confident that the quality of the data will be greatly enhanced.

Yours sincerely,

[Signature]

Ibrahim Athif Shakoor
Head of FIU
Financial Intelligence Unit

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