Preventing Money Laundering and Combating Terrorism Financing in the Maldives

The Government of the Maldives has implemented regulations to combat money laundering (AML) and financing of terrorism (CFT). These rules aim to prevent the misuse of the country’s financial system for illicit activities.

Obligations for Individuals, Businesses, and Institutions

Identifying Parties

• Certain professions must identify their clients or parties involved in transactions, such as:
  • Lawyers
  • Notaries
  • Accountants
  • Auditors
  • Tax advisers
  • Trust service providers
  • Dealers in real estate, precious metals and stones, and other high-value goods
• Identification must be done in accordance with Section 16.

Money or Value Transfer Services

• Institutions providing money or value transfer services are required to obtain and verify specific information from their customers, including:
  • Full name
  • Address
  • National identity number
  • Passport number
  • Work permit number
  • Account number
  • Financial institution’s originator information (when necessary)
• This information must be included in the message or form accompanying the transfer.

Intermediaries

• Institutions acting as intermediaries in money or value transfers involving three or more financial institutions are required to maintain all information stated above.

Exceptions and Special Cases

• The regulations do not apply to transfers executed as a result of credit card or debit card transactions, provided the card number accompanies the transfer.
• Transfers between financial institutions acting on their own behalf are also exempt from these regulations.

Missing Information

• If an institution receives a money or value transfer that does not contain complete originator information, it must take measures to obtain the missing information from the ordering institution or beneficiary.
• Failing to do so means refusing acceptance of the transfer and reporting it to the Financial Intelligence Unit.

Regulations by Maldives Monetary Authority

The Maldives Monetary Authority may issue regulations regarding:

• Cross-border money or value transfers executed as batch transfers
• Domestic money or value transfers