MMA fines MS Finance Currency Exchange MVR 500,000, suspends licence

18 October 2026, 15:59

The Maldives Monetary Authority (MMA) has fined MS Finance Currency Exchange Private Limited MVR 500,000 and suspended its money changer licence for breaching regulations governing money changing businesses.

The supervisory action was taken on 18 October 2026, with the company’s money changing licence, numbered 20250502T1MCL13, suspended from the same date.

The latest action follows other enforcement measures taken against money changers this year. In August, the MMA revoked the money changing licence of Express Money Exchange Private Limited after finding the company in breach of regulations governing the sector.

The central bank urged all parties involved in foreign currency transactions to comply with applicable laws and regulations. It also said it will continue working with law enforcement authorities to take action against parties that violate money changing regulations.

MMA fines MS Finance Currency Exchange MVR 500,000, suspends licence

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