MLD FIU Money Changing Businesses


On Oct. 3, MLD FIU required money changing licenses re new rules.


  • MLD FIU published a press release on the registration of tourism goods and service providers with the authority in addition to the issuance of money changing licenses.
  • Follows MLD FIU, MLD CB Oct. 1, 2024 introduced 2 new regulations, see #228411.
  • Registration of Tourism Business
  • All persons registered with MLD Tax as tourism goods and service providers shall register with MLD FIU through MLD CB's FX portal registration form by Oct. 31, 2024.
  • Money Changing License
  • No more than 50 new licenses will be issued, pursuant to the Regulation on money changing businesses effective Oct. 1, 2024 to strengthen forex legal framework.
  • In case of 50+ applicants, license will be awarded by lottery among eligible applicants.
  • Licensed businesses in Dhvehirahje shall apply for the license before Nov. 30, 2024.
  • Existing licensed businesses shall be conducted until the authority decides on licenses.

Regulators MLD FIU
Entity Types Corp; MSB
Reference PR 2024/9041, 10/3/2024
Functions Compliance; Financial; Legal; Registration/Licensing; Risk; Treasury
Countries Maldives
Category
State
Products Corporate; Forex
Regions AP
Rule Type Final
Rule Date 10/3/2024
Effective Date 10/31/2024
Rule Id 228747
Linked to Rule :228411
Reg. Last Update 10/3/2024
Report Section International

Last substantive update on 10/08/2024