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Western Union money transfer halts temporarily over license suspension

Mohamed Rehan
13 August 2022, MVT 12:11
Mohamed Rehan
13 August 2022, MVT 12:11

Money transfer services of Western Union (WU) in Maldives stops after Maldives Monetary Authority (MMA) suspends license of Island Financial Service, which operates WU.

The local agent of Western Union, Island Financial Service is run by Villa Group.

The service is frequently used by locals and expatriates residing in the Maldives to transfer money to foreign destinations; to near and dear ones.

A few days earlier, the central bank of Maldives announced it was suspending the license of remittance services from Island Financial Services effective August 8 until otherwise determined. The authority had however not disclosed the reason behind the decision.

Though no official statements were made for central bank's move, it has been reported the local agent had been noncompliant on multiple urges by central bank to amend its faulty conduct.

An official from Villa claims the license has been suspended to upgrade Western Union's digital application. They further confirms services will resume from Sunday, August 14.

"It is nothing significant, we needed to bring a few local changes. We have been upgrading the digital infrastructure on a timely basis, and expect to resume services come Sunday," they commented.

"Following requirements from the Maldives Monetary Authority (MMA) for Island Financials, Western Union Partner in the Maldives, we have temporarily suspended our operations in the country until the necessary internal updates have been implemented," the flash message on the application read.

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