Maldives Monetary Authority revokes Express Money Exchange license

The Maldives Monetary Authority (MMA) has revoked the license of Express Money Exchange Private Limited for violating foreign exchange regulations. The decision follows findings during supervisory activities that the company failed to comply with established laws governing money exchange businesses.

The MMA has urged all parties involved in foreign exchange transactions to operate strictly within legal frameworks and stated that authorities will continue to take action against violators. This regulatory move comes amid concerns regarding the black market exchange of US dollars. Under recent legislative updates, advertising the sale of foreign currency at rates higher than those set by the MMA can result in fines of up to five million Rufiyaa.