The Central Bank Maldives Monetary Authority MMA has revoked the money-changing licenses of 163 entities including 64 resorts for failing to renew their licenses.
MMA said in an announcement that the deadline for submitting applications to obtain a license for conducting money-changing business in the Maldives, per the Maldives Monetary Authority’s Regulation No.2024/R-92, “Regulation on Money Changing Business”, expired on November 30, 2024, as stated in its announcement back in October.
It said the licenses previously issued by the Authority to entities conducting moneychanging businesses in the Maldives have been revoked for those who did not apply for either a Tier 1 Money Changing License or a Tier 2 Money Changing License under the new regulation.
It also said that Information regarding the revoked licenses has been published.
MMA said entities currently conducting money-changing business with licenses issued by it who have submitted applications for a Tier 1 or Tier 2 license during the application period, may continue their foreign currency buying and selling activities under their existing licenses.
MMA said that this arrangement will remain in effect until this Authority finalizes and communicates its decision on the issuance of licenses to these applicants.
It has also published a list of authorized moneychangers licensed by MMA on its website.
