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Laws & Regulations

Preventing Financial Crime

We are committed to providing the highest levels of customer service and we have been working hard to meet the standards you have a right to expect as a valued customer of our bank. We recognize that at times the level of information we ask of you with regard to the establishment and running of your bank account may seem excessive. This page explains the reasons why we – and all banks – are obliged to gather this information. To protect our customers as well as the bank and the banking system from financial crimes, we must comply with the country's laws and regulations on Preventing Money Laundering and Terrorism Financing. We must ensure the bank is not used for money laundering, terrorism financing, or for any other illegal purpose.

How money laundering takes place

Money Laundering is the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. 

Laws and Regulations

Bank of Maldives must follow the law. In addition, the Bank is supervised and regulated by the Maldives Monetary Authority (MMA), the country's central bank. MMA closely monitors financial institutions' adherence to laws and regulations. The Prevention of Money Laundering and Financing of Terrorism Act (10/2014) prohibits money laundering and terrorism financing in the Maldives. 

As a responsible financial institution, Bank of Maldives has in place detailed and clear policies and procedures setting out the standards relating to Preventing Money Laundering and Terrorism Financing, which must be followed by our employees.

What are we required to do?

As mandated by the Prevention of Money Laundering and Terrorism Act to identify and verify customers and customer information to all banks, including Bank of Maldives, must: 

Acquire valid Personal or Business Information from all our customers and beneficial owners* 

 Confirm income and purpose of business relationship and transactions of customers 

*Beneficial owner” means the natural person who ultimately controls a customer, or the person on whose behalf a transaction is being conducted, or the person who exercises ultimate effective control over a legal person or arrangement. 

Verify the source of funds and purpose of a transaction when: 

* Single transaction is a transaction that is carried out with a party who does not have a business relationship with the bank

Refuse transactions 

Useful downloads

Preventing Financial Crime English / Dhivehi