The Maldives Monetary Authority (MMA) has opened two important regulatory frameworks for public consultation, inviting individuals, businesses, financial institutions and other stakeholders to provide feedback on proposed measures aimed at strengthening consumer protection and customer due diligence standards across the Maldives’ financial sector.
The consultation covers the proposed Financial Consumer Protection Regulation and the Simplified and Electronic Customer Due Diligence Regulation. The two regulations are expected to contribute to the continued development of a transparent, secure and consumer-focused financial system while supporting the Government’s broader efforts to modernise the financial services environment and strengthen confidence in the country’s regulatory framework.
The Financial Consumer Protection Regulation has been developed to safeguard the rights and interests of consumers using financial products and services in the Maldives. It is intended to establish appropriate safeguards for customers and strengthen the responsibilities of financial service providers in their dealings with consumers. The framework is expected to support greater transparency, accountability and fair treatment within the financial sector while helping customers make informed decisions when accessing financial services.
Consumer protection has become increasingly important as the Maldives’ financial sector continues to expand and digital financial services become more widely available. A clear regulatory framework governing the relationship between financial institutions and their customers can contribute to stronger public confidence, improve service standards and provide consumers with greater assurance when accessing banking and other regulated financial services.
The proposed Simplified and Electronic Customer Due Diligence Regulation, meanwhile, establishes standards, requirements and procedures for identifying customers and verifying customer information in accordance with the Prevention of Money Laundering and Financing of Terrorism Act. The regulation is intended to strengthen customer identification and verification procedures while ensuring that financial institutions remain compliant with the applicable legal and regulatory framework.
The electronic due diligence provisions are particularly relevant as the Maldives continues to advance the digitalisation of financial services. Establishing a clear framework for electronic customer identification and verification can support more efficient access to financial services while maintaining appropriate safeguards and compliance standards. Simplified due diligence procedures may also help financial institutions deliver services more efficiently where permitted under the relevant risk-based regulatory requirements.
Together, the proposed regulations reflect continued efforts by the MMA to strengthen the regulatory foundations of the financial sector while responding to changes in technology, customer behaviour and financial service delivery. Stronger consumer protection and modernised customer verification procedures are expected to complement the Maldives’ growing digital economy and contribute to a more accessible, efficient and secure financial services environment.
The MMA said the regulations were developed following consultation with financial institutions and other relevant stakeholders. Opening the proposals for wider public consultation provides consumers and other interested parties with an opportunity to contribute their views before the regulatory frameworks are finalised.
Members of the public and interested stakeholders are invited to submit comments and feedback on the proposed regulations by 3:00 p.m. on Wednesday, 26 August 2026. Submissions may be sent to [email protected].
The proposed Financial Consumer Protection Regulation is available at: https://tinyurl.com/ConsumerProtectionRegulation
The proposed Simplified and Electronic Customer Due Diligence Regulation is available at: https://tinyurl.com/RegulationElectronicCDD
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