Anti-Money Laundering (AML) Regulations in the Maldives

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General Obligations

Reporting Entities

Reporting entities, including financial institutions, must obtain and verify customer information for certain activities. This includes:

• Full name
• Address
• National ID number
• Passport number
• Work permit number
• Account number
• In some cases, the name of the financial institution of originator

Maintaining Customer Information

Institutions must maintain this information when acting as intermediaries in money or value transfers involving three or more financial institutions.

Exceptions

Some activities are exempt from AML obligations:

Exempt Activities

• Buying/selling real estate (dealers must identify parties)
• Precious metals and stones transactions (dealers must identify customers for cash payments exceeding a prescribed amount)
• Certain legal services (lawyers, notaries, accountants, etc.)
• Trust and company service providers

Obligations of Persons Providing Money or Value Transfer Services

Obtaining Customer Information

Institutions providing money or value transfer services must obtain and verify customer information. This includes:

• Full name
• Address
• National ID number
• Passport number
• Work permit number
• Account number
• In some cases, the name of the financial institution of originator

Additional Requirements

Cross-Border and Domestic Money Transfers

The Maldives Monetary Authority may issue regulations regarding cross-border money or value transfers executed as batch transfers and domestic money or value transfers.

Refusal of Transfers

Institutions must refuse acceptance of transfers that do not contain complete originator information and report them to the Financial Intelligence Unit.