MMA opens consumer protection, due diligence regulations for public feedback

The regulations are the Financial Consumer Protection Regulation and the Simplified and Electronic Customer Due Diligence Regulation, the central bank said.

Mohamed Hilmy

20 August 2026, 11:49

The Maldives Monetary Authority (MMA) has opened two proposed regulations governing financial consumer protection and customer due diligence for public feedback.

The regulations are the Financial Consumer Protection Regulation and the Simplified and Electronic Customer Due Diligence Regulation, the central bank said.

The Financial Consumer Protection Regulation is intended to safeguard the rights of users of financial services and establish measures to protect consumers when dealing with financial institutions.

The Simplified and Electronic Customer Due Diligence Regulation has been formulated under the Anti-Money Laundering and Combating the Financing of Terrorism Act. It sets out standards and conditions for identifying customers and verifying the authenticity of information provided by them.

According to the MMA, both regulations were formulated following consultations with financial institutions and relevant authorities.

Members of the public can submit comments on the proposed regulations until 3:00 p.m. on Wednesday, August 26, 2026.

Feedback can be submitted by email to [email protected].

MMA opens consumer protection, due diligence regulations for public feedback

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