Financial Crime World

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Maldives Bank Emphasizes Importance of Financial Crime Prevention

In its latest effort to ensure customer safety and comply with regulations, the Bank of Maldives has launched a campaign highlighting the importance of preventing financial crime.

Commitment to Customer Safety and Compliance

The bank’s efforts come as part of its commitment to providing high-level customer service while adhering to laws and regulations aimed at preventing money laundering and terrorism financing. The Prevention of Money Laundering and Financing of Terrorism Act (10/2014) prohibits such activities in the Maldives, making it crucial for financial institutions like Bank of Maldives to take necessary measures.

Estimated Global Impact of Financial Crime

According to a report by the United Nations Office on Drugs and Crime, an estimated $800 billion to $2 trillion is laundered globally each year. To prevent such criminal activities, Bank of Maldives has implemented detailed policies and procedures setting out standards relating to preventing money laundering and terrorism financing.

Supervision and Regulation

The bank’s efforts are supervised and regulated by the Maldives Monetary Authority (MMA), the country’s central bank. MMA closely monitors financial institutions’ adherence to laws and regulations, ensuring that they comply with international standards.

Customer Cooperation Required

As part of its campaign, Bank of Maldives is requiring customers to provide initial information forms and disclose certain details about their accounts. The bank will also confirm income and expenditure details and verify the source of funds and purpose of transactions when necessary.

  • Customers are required to provide accurate and timely information to prevent financial crimes.
  • The bank reserves the right to refuse transactions if it cannot fulfill its due diligence obligations or if there are doubts about the veracity or adequacy of information provided.
  • In such cases, a report must be submitted to MMA’s Financial Intelligence Unit.

Emphasis on Customer Cooperation

In a statement, Bank of Maldives emphasized the importance of customer cooperation in preventing financial crime. “We recognize that at times the level of information we ask may seem excessive, but it is essential for us to gather this information to ensure that our customers’ accounts are not used for illegal activities,” the bank said.

Campaign Objectives

The campaign aims to educate customers about the importance of providing accurate and timely information to prevent financial crimes. By working together, Bank of Maldives hopes to create a safer and more secure banking environment for all its customers.