Regulatory Alerts2024-03-21
Circular CN/2024/7243: Reporting of Cross-Border Transportation of Cash or Bearer Negotiable Instruments by Financial Institutions
The Maldives Monetary Authority's Financial Intelligence Unit issued Circular CN/2024/7243 to enforce Regulation 2024/R-37, requiring financial institutions to declare cross-border movements of cash and bearer negotiable instruments valued at USD 10,000 or more. Institutions must submit a senior management-authorized letter via email to the FIU at least one official working day prior to any transport, mailing, or shipment across Maldivian borders. Failure to adhere to these prescribed reporting procedures may result in penalties under Section 5 (f) of the Regulation.
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