The Maldives Monetary Authority (MMA) has fined MS Finance Exchange Private Limited MVR 500,000 and suspended its currency exchange licence after finding the company in violation of regulations governing money-changing businesses.
In a statement, the central bank confirmed that the action was taken against the company for breaching the Money Changing Business Regulation.
The MMA has urged businesses and individuals involved in foreign currency transactions to comply with the laws and regulations in place. It also warned that further violations could result in strict penalties.
The latest action follows a similar case early last month, when another business was fined for breaching foreign exchange regulations.
The government has pledged to take tougher action against the black market for US dollars as part of efforts to regulate foreign currency trading. Measures include prohibiting the promotion or advertisement of dollar transactions at rates higher than those officially set by the MMA.
Under the restrictions, publishing, sharing or circulating black-market exchange rates through digital platforms or other channels is also considered a punishable offence.
The measures are aimed at curbing illegal currency trading and ensuring that foreign exchange transactions are conducted in accordance with the country's laws and official regulations.
