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.
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
Email: mail@mma.gov.mv | Website: www.mma.gov.mv | Telex: 77144 MMA OPR MF | SWIFT: MMAUMVMV Majeedhee Building, Boduthakurufaanu Magu, Male' 20182 Phone: (960) 330 8679, (960) 330 8682, (960) 331 4940, (960) 331 2343 | Fax: (960) 332 3862