Regulatory Alerts2018-05-21
Regulation on Record Retention
The Maldives Monetary Authority issued this regulation to establish minimum record retention periods and compliance requirements for all licensed banks. Banks must adopt a written policy, retain records for specified durations ranging from permanent to three months, and ensure electronic systems meet strict integrity and security standards. Non-compliance may result in corrective measures or administrative penalties up to five percent of the bank's paid-up capital.
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