Regulatory Alerts2011-04-07
Regulation on Payment Systems 2011
The Maldives Monetary Authority issued the Regulation on Payment Systems 2011 to implement provisions of the Central Bank of Maldives Act regarding the operation and oversight of payment systems. The regulation defines key terms such as gross settlement systems and clearing houses, and establishes system rules for their operation. It specifically mandates the use of truncated checks and electronic images for interbank clearing, outlining procedures for fund transfers, non-payment notifications, and the handling of original checks in cases of insufficient funds.
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