New Money Changer Licences Open for Applications in the Maldives

The Maldives government has opened applications for money changer licences following the publication of new regulations by the Maldives Monetary Authority (MMA) on Tuesday. 

Under the updated guidelines, the MMA will issue two types of licences for money changing businesses: the ‘Tier 1 Money Changing Licence’ and the ‘Tier 2 Money Changing Licence.’

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Tier 1 Money Changing Licence: This licence permits the buying and selling of foreign currency. It will be issued to companies established specifically for this purpose under the Companies Act.

Tier 2 Money Changing Licence: This licence allows for the sale of foreign currency only. It is intended for companies that are already licensed to operate tourist resorts under the Maldives Tourism Act.

Entities currently engaged in money-changing operations with existing licences issued by the MMA may continue their activities under these licences until their applications for the new licences are processed.

However, all businesses conducting money changing in the Maldives must apply for a new licence within two months. Applications can be submitted through the MMA’s online portal.

The MMA plans to issue new licences to a maximum of 50 entities. Should the number of applicants exceed this limit, the successful licence holders will be determined by a random draw among qualified candidates. The deadline for submitting applications is November 30.