Financial Crime World

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Maldives Introduces Stricter “Know Your Customer” Regulations to Combat Financial Crime

In a move aimed at combating financial crime and ensuring transparency in business transactions, the Maldivian government has introduced a series of regulations aimed at strengthening its “know your customer” (KYC) requirements.

Strengthening KYC Requirements

The regulations were designed to ensure that businesses operating in the country are able to identify and verify their customers, thereby reducing the risk of money laundering and terrorist financing.

Key Regulations

  • Regulation on Employment Agencies 2016: Required employment agencies to obtain detailed information about their clients and employees. Also mandated the reporting of suspicious transactions to the relevant authorities.
  • Regulation on Expatriate Employment: Aimed to regulate the employment of foreign workers in the country. Required employers to verify the identity and qualifications of expatriate employees, as well as report any suspicious activity to the authorities.

Consumer Protection Regulations

The Maldivian government has also introduced regulations aimed at protecting consumers, including:

  • Regulation on Consumer Protection 2011: Prohibits unfair business practices and requires businesses to provide accurate information to customers. Established a complaints mechanism for consumers who feel that their rights have been breached.

Regulation of Businesses in Various Sectors

The government has also introduced regulations aimed at regulating businesses in various sectors, including:

  • Regulation on Sale of Imported Goods- 5th Amendment 2018: Requires importers to obtain permits and pay duties on imported goods.
  • Regulations for the tea hotels and restaurants industry
  • Regulations for the canteens sector
  • Regulations for the sale of tea

Conclusion

In conclusion, the Maldivian government has taken significant steps to strengthen its KYC requirements and regulate businesses operating in the country. The regulations have been designed to reduce the risk of financial crime, protect consumers, and promote transparency in business transactions.