Sunday
23rd Aug 2026
Dhivehi Edition
The Maldives Monetary Authority (MMA) has revoked the foreign exchange business licence issued to Express Money Exchange Pvt Ltd following violations of money-changing regulations.
According to a statement issued by the central bank, the licence was revoked on Thursday after the MMA identified regulatory breaches by the company as part of its supervision of money-changing businesses.
The MMA has reminded all parties involved in foreign exchange transactions to comply with the relevant laws and regulations. The authority also said it will continue to take action against entities found to be in violation of the rules, in coordination with relevant enforcement agencies.
Under the MMA’s Money Changing Business Regulation, money-changing businesses are subject to supervision by the central bank and are required to provide information and documentation when requested by the authority.
The regulation also gives the MMA powers to conduct on-site examinations through authorised persons or its officers to determine whether a money-changing business is operating in compliance with applicable requirements.
During such examinations, the authority can review records to determine whether foreign currency is being bought or sold at rates that comply with applicable requirements. Where records are found to be inconsistent with the requirements, the MMA has the authority to impose penalties, including revocation of a licence.
Under the regulation, a licensed money-changing business found to be in violation may face a fine ranging from MVR 10,000 to MVR 1 million.
The regulation further prohibits foreign exchange transactions conducted contrary to a specific exchange rate where such a rate has been prescribed under the applicable rules.
The same provisions have also been proposed for inclusion in the Foreign Currency Bill currently under consideration by the People’s Majlis.