The Commercial Bank of Maldives (CBM) has published a notice regarding dormant accounts in accordance with the Maldives Bank Act (Law No. 24/2010). The notice outlines the process for accounts that have been inactive for five consecutive years.
Under the Act, banks must classify accounts as dormant if there have been no transactions or written communication from the account holder within a five-year period. CBM states they have contacted customers with inactive accounts and provided instructions on how to reactivate them.
If CBM receives no response within the specified timeframe, the Maldives Banking Act mandates public disclosure of dormant account holder names in a local newspaper and the Government Gazette. After a further 60 days, any unclaimed funds will be transferred to the Maldives Monetary Authority (MMA) as stipulated by law.
The notice includes a list of dormant accounts held at the Commercial Bank of Maldives. Customers are encouraged to contact the CBM Contact Center at +960 3332668 for further information.
