MMA gazettes money changing business regulations, raises fees

Applications must be submitted within two months, after which licenses of non compliant businesses will be void.

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A money exchange business located in Male' -- Photo: Nishan Ali

Malika Shahid

2024-10-01 20:30:37

Maldives Monetary Authority (MMA) has gazetted a new regulation governing money exchange businesses, which nullifies the previously enacted Monetary Regulation of 1 March 1987.

The new regulation introduces a two-tier licensing system. Tier 1 licenses will be issued for foreign currency trading and are available only to companies established under the Companies Act and fully owned by Maldivians.

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