As the registration deadline approaches fast, our team member Najwa Haleem provides comprehensive insights into the compliance requirements under the regulation. This document by CST Advisory LLP, offers a detailed overview of the new Foreign Currency Regulation introduced by the Maldives Monetary Authority (MMA) on 1 October 20241.

The document outlines the key elements of the regulation, including the transactional currency within the Maldives and the deposit and exchange of income received in foreign currency. It also highlights the compliance requirements and timelines for tourism service providers and banking institutions. Additionally, the document discusses the penalties for non-compliance and provides additional resources for further information.

For a comprehensive understanding of the compliance requirements and how they impact your business, please refer to the full document.