Regulatory Alerts2016-04-05
Added · Updated
Regulation on Prevention of Money Laundering and Financing of Terrorism for Securities Related Businesses
The Maldives Monetary Authority issued this regulation to enforce anti-money laundering and counter-terrorist financing standards for licensed securities-related businesses. It mandates strict customer due diligence, including identifying beneficial owners and assessing risk profiles, particularly for politically exposed persons and high-value transactions. Licensed entities are required to maintain detailed records for five years, report suspicious or large cash transactions to the Financial Intelligence Unit, and implement internal compliance programs.
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