The Maldives Monetary Authority (MMA) has warned the public against conducting foreign currency transactions with unlicensed individuals or businesses, as authorities tighten oversight of the country’s foreign exchange market.
In a statement, the central bank reminded the public that operating a money-changing business without a licence is an offence under Maldivian law and urged customers to verify the status of non-bank money changers before carrying out transactions.
The warning comes amid increased regulatory attention on the informal foreign exchange market and efforts to bring dollar transactions within licensed and regulated channels.
According to MMA, both the Foreign Currency Act and regulations governing money-changing businesses require parties providing foreign exchange services in the Maldives to hold a valid licence issued by the central bank.
Despite that requirement, MMA said it has identified cases in which individuals and businesses are continuing to provide foreign currency exchange services without authorisation.
The central bank has therefore urged members of the public not to buy or sell foreign currency through such operators.
As of September 9, there are 59 entities holding valid money-changing licences in the Maldives, according to MMA.
Customers dealing with a money changer outside the banking system have been advised to confirm that the business is among those authorised by the central bank and is operating in accordance with applicable laws and regulations.
