MMA fines MS Finance, suspends money changing license

The Maldives Monetary Authority (MMA) has fined MS Finance Currency Exchange Private Limited MVR 500,000 and suspended its money changing license for violating the money changing business regulations. The supervisory action was taken today. The MMA urged all parties to comply with laws and regulations in foreign exchange transactions, and said that the authority and enforcement agencies will take action against violators in the future. Selling dollars at rates other than those set by the MMA, or advertising such sales, is an offense under the amended Foreign Exchange Act. Violators can be fined between MVR 25,000 and MVR 1 million depending on the severity of the offense. Advertising, promoting, or publishing rates above the official rates set by the MMA, through digital platforms or other means, is also an offense, with fines ranging from MVR 25,000 to MVR 500,000. If a legal person is involved in such violations, fines can range from MVR 100,000 to MVR 5 million.