MMA Warns Public Against Conducting Foreign Exchange Transactions With Unlicensed Money Changers
The Maldives Monetary Authority (MMA) has warned the public against conducting foreign exchange transactions with unlicensed money changers, saying that operating a money-changing business without a licence is an offence under Maldivian law.
The central bank said the Foreign Exchange Act and the Regulation on Money Changing Business require individuals and businesses to obtain a licence from the MMA before providing money-changing services in the Maldives.
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The warning follows the MMA’s identification of parties conducting foreign exchange transactions without the required licence.
The MMA urged the public to refrain from using the services of individuals or businesses operating without a valid licence, stressing that such activities violate existing laws and regulations.
According to the authority, 59 parties were licensed to conduct money-changing businesses as of 9 September 2026. The MMA said it maintains an updated list of licensed operators on its official website, allowing the public to verify whether a money changer is authorised.
The warning comes amid continued challenges in accessing foreign currency through formal channels. Despite the presence of licensed foreign exchange operators, the public has limited access to US dollars through these businesses, as licensed operators generally do not sell dollars directly to the public.
The Maldives Police Service task force investigating unlicensed foreign currency exchange has received 65 reports from the public following a nationwide call for information targeting black-market dollar operations across the country.
The task force was established jointly with Maldives Immigration to curb the unauthorised buying and selling of foreign exchange outside the regulatory framework set by the Maldives Monetary Authority. The task force operations follow legislative amendments that took effect at the beginning of September. Severe penalties were introduced, including fines of up to 1 million Rufiyaa for trading currency without a license or exceeding authorised exchange rates.
