The Maldives Monetary Authority has opened a public consultation on two draft regulations covering financial consumer protection and simplified and electronic customer due diligence. The measures would strengthen safeguards for users of financial services and set standards for reporting institutions when conducting customer identification remotely or through simplified procedures. The customer due diligence draft, prepared under the Prevention of Money Laundering and Terrorism Financing Act, specifies the conditions and standards for identifying customers and verifying their information through simplified and electronic processes. Both drafts were developed following consultation with financial institutions and other relevant bodies. Public comments are due by 3 p.m. on Aug. 26, 2026.
2026-08-19Maldives Monetary Authority
Maldives Monetary Authority launches consultation on financial consumer protection and customer due diligence rules
The Maldives Monetary Authority is consulting on draft financial consumer protection and simplified and electronic customer due diligence regulations. The due diligence rules would set customer identification and verification standards for reporting institutions. Comments are due by 3 p.m. on Aug. 26, 2026.