- MMA warns businesses and public against foreign exchange transactions with unlicensed operators.
- Operating a foreign exchange business without an MMA licence is a criminal offence.
- As of 9 September 2026, 59 parties were licensed to provide these services.
The Maldives Monetary Authority (MMA) has warned businesses and the public against conducting foreign exchange transactions with unlicensed operators, amid reports that unauthorised parties remain active in the market.
Under the Foreign Exchange Act and the Money Changing Business Regulation, any party operating a foreign exchange business in the Maldives must hold a licence issued by the MMA. Conducting such activities without a licence constitutes a criminal offence under Maldivian law.
The central bank advised anyone exchanging foreign currency through an entity other than a bank to confirm that the provider is authorised before proceeding with the transaction. Customers must also ensure that transactions comply with the relevant legal and regulatory requirements.
As of 9 September 2026, 59 parties were licensed to provide foreign exchange services in the Maldives. The MMA has published details of these operators alongside its statement, while an updated list remains available on its website.
The warning follows a recent enforcement action in which the MMA revoked the licence of a money changer found to have conducted foreign exchange transactions in breach of applicable laws and regulations.
