MMA revokes Express Money Exchange licence over regulatory violations

The Maldives Monetary Authority (MMA) has revoked the licence of Express Money Exchange Private Limited for violations of regulations governing money exchange businesses.

The central bank announced the decision on Thursday, saying the action followed supervision of businesses authorised to buy and sell foreign currency.

According to the MMA, Express Money Exchange was found to have breached regulations applicable to money exchange operations.

The authority did not disclose the nature of the violations or provide details of the transactions that led to the revocation.

“We urge all parties to act in accordance with laws and regulations when conducting foreign currency buying and selling transactions,” the MMA said in its statement.

The central bank said it would continue to take action against businesses found to be operating in breach of foreign exchange laws and regulations.

The licence revocation comes as the government and parliament move to introduce further measures aimed at regulating foreign currency transactions outside rates set by the MMA.

The Public Accounts Committee this week approved amendments to foreign exchange legislation that would introduce fines for selling or attempting to sell foreign currency outside rates or trading bands set by the central bank.

The proposed changes come amid an increase in the parallel market rate for the US dollar and continued pressure on access to foreign currency through the banking system.

The MMA has regulatory authority over licensed money exchange businesses and is responsible for supervising their compliance with applicable foreign exchange rules.

The authority did not state whether further action would be taken against Express Money Exchange or individuals associated with the company.