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Commercial banks and the Maldives Customs Service have signed a Memorandum of Understanding (MoU) to establish a data-sharing system aimed at verifying Telegraphic Transfer (TT) transactions and curbing illegal dollar outflow schemes.
News Desk
Officials sign the TT verification agreement at the MMA. Photo: MMA
MALÉ: Commercial banks and the Maldives Customs Service signed a Memorandum of Understanding (MoU) today to strengthen systems for verifying whether foreign payments made for imported goods are genuine.
The agreement was signed during a special ceremony held at the Maldives Monetary Authority (MMA). Under the agreement, authorities will build an information exchange platform between banks and Customs to cross-reference international trade transactions.
The central bank confirmed that the primary objective of the initiative is to ensure that money sent abroad via Telegraphic Transfers (TT) matches the actual goods imported into the country, thereby verifying the legitimacy of trade-related financial activities.
Key details regarding the agreement and regulatory background include:
Customs Representative: Commissioner General of Customs Fathimath Dhiyana signed the agreement on behalf of the Maldives Customs Service.
Banking Sector Signatories: Chief Executive Officers and Managing Directors representing commercial banks signed on behalf of their respective institutions.
Oversight Body: The Financial Intelligence Unit (FIU) of the MMA will directly oversee the monitoring and implementation of the project.
System Safeguards: The system addresses findings by the MMA that some parties use fake TT transactions as a deceptive tactic to transfer US dollars out of the Maldives without importing any goods.
By connecting bank payment data directly with customs import records, authorities aim to eliminate fraudulent foreign currency transfers and ensure that foreign exchange made available through commercial banks goes toward legitimate trade.
