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Anti-Money Laundering and Combating Financing of Terrorism Regulations in the Maldives

The Maldivian government has established regulations to prevent money laundering and financing of terrorism in the country. The key points of these regulations are summarized below.

Reporting Suspicious Transactions

Banks in the Maldives must submit reports on suspicious transactions to the Financial Intelligence Unit (FIU). This is a crucial step in preventing money laundering and financing of terrorism. To ensure that banks feel comfortable reporting suspicious transactions, they are protected from liability:

• No criminal, civil, disciplinary, or administrative proceedings can be brought against banks or their employees who submit reports in good faith.
• Banks and their employees are exempt from liability for executing suspicious transactions where a report was made in good faith.
• The exemption applies even if the transaction is carried out at the request of law enforcement authorities.

Programs to Combat Money Laundering and Financing of Terrorism

Each bank in the Maldives must develop and implement internal programs to prevent money laundering and financing of terrorism. These programs should include:

• Establishing internal policies, procedures, and controls
• Carrying out internal audits
• Implementing internal control measures to ensure safety and security of systems and records
• Training employees on AML/CFT regulations, customer due diligence measures, and suspicious transaction reporting

Administrative Penalties

The FIU can impose administrative penalties on banks or their employees who fail to comply with the regulations. These penalties include:

• Issuing a notice to comply within a specified period
• Imposing fines between 10,000 and 500,000 Maldivian Rufiyaa
• Imposing daily fines until compliance is obtained

Definitions

The regulations define various terms used in the context of AML/CFT, including:

• Agent: A person or entity that acts on behalf of another person or entity.
• Bank: A financial institution that provides banking services.
• Beneficiary: The recipient of a payment or transfer.
• Beneficial Owner: The natural person who ultimately owns or controls a customer or has significant influence over the customer’s decisions.
• Financial Intelligence Unit (FIU): An agency responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering and financing of terrorism.

Overall, these regulations aim to prevent money laundering and financing of terrorism in the Maldives by requiring banks to implement robust internal controls, report suspicious transactions, and provide training to their employees.