The Maldives Monetary Authority imposed a MVR 500,000 fine on M.S. Finance Currency Exchange Private Limited for breaching the Money Changing Business Regulation. It also suspended the company’s money changer license with effect from Oct. 18. The authority urged all participants in foreign currency transactions to comply with applicable laws and regulations. It warned that further violations would result in action coordinated with law enforcement agencies.
Maldives Monetary Authority fines M.S. Finance Currency Exchange MVR 500,000 and suspends its license
The Maldives Monetary Authority fined M.S. Finance Currency Exchange MVR 500,000 for regulatory breaches and suspended its money changer license from Oct. 18. It warned that foreign currency businesses must comply with applicable requirements or face enforcement action.