Circular CN/2024/7243: Reporting of Cross-Border Transportation of Cash or Bearer Negotiable Instruments by Financial Institutions

بسم الله الرحمن الرحيم

ދިވެހިރާއްޖޭގެ މަރުކަޒީ ބޭންކް FINANCIAL INTELLIGENCE UNIT

މޯލްޑިވްސް މަނިޓަރީ އޮތޯރިޓީ MALDIVES MONETARY AUTHORITY

Circular No: CN/2024/7243

21 March 2024

To: FINANCIAL INSTITUTIONS

Reporting of Cross-Border Transportation of Cash or Bearer Negotiable Instruments by Financial Institutions

Financial Institutions are advised that the newly enforced Regulation on Reporting of Cross-Border Transportation of Cash (Regulation Number: 2024/R-37) that came into effect on 19 March 2024 requires the financial institutions to declare Maldives Customs Service where they transport (via air, sea, courier services or by mail) cash and bearer negotiable instruments in and out of the Maldives. The current threshold for reporting is the aggregate value of USD 10,000.00 in any currency. The form and manner of reporting will be prescribed by Maldives Customs Service.

Section 2(b) of the Regulation also requires Financial Institutions to include a declaration of cross-border movement of cash and bearer negotiable instruments to the Financial Intelligence Unit as per the form and manner of declaration prescribed by the Financial Intelligence Unit.

Accordingly, all financial institutions are advised to report cross-border transportation, mailing, or shipment of cash and other monetary instruments to the Financial Intelligence Unit via an official letter as per the prescribed format attached herewith this circular.

Additionally, banks and non-bank financial institutions are instructed to ensure that the aforementioned letter is authorized by a senior management official and is received to the Financial Intelligence Unit via email (address: fiu@mma.gov.mv) at least one official working day prior to the concerned transportation.

Banks and non-bank financial institutions are encouraged to ensure that required information are being communicated to relevant authorities and that all prescribed procedures are being adhered to when transporting cash or bearer negotiable instruments across the Maldivian border. Failure to do so may result in enforcing relevant penalties prescribed in Section 5 (f) of Regulation Number: 2024/R-37.

Yours Sincerely,

[Signature]

Abdulla Ashraf Head of Financial Intelligence Unit