Regulatory Alerts2015-01-15
Regulation for Banks on Prevention of Money Laundering and Financing of Terrorism
The Maldives Monetary Authority issued Regulation No. 8R2015, effective January 15, 2015, to enforce the Prevention of Money Laundering and Financing of Terrorism Act No. 10/2014. The regulation mandates that all licensed banks implement risk-based customer due diligence, including identifying beneficial owners and verifying identities before establishing business relationships or executing transactions exceeding MVR 50,000. Banks are required to maintain records for five years, monitor transactions for suspicious activity, and report any suspected money laundering or terrorism financing to the Financial Intelligence Unit within three working days.
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