News Desk
The Maldives Monetary Authority (MMA) has cancelled the money-changing license of Express Money Exchange Private Limited after discovering the company violated foreign exchange regulations.
In a statement issued on Wednesday night, the central bank confirmed the action was taken during routine regulatory oversight of local money exchange operations. MMA warned that enforcement agencies will continue cracking down on money changers flouting regulations.
“The authority urges all parties to conduct foreign currency buying and selling transactions strictly in accordance with laws and regulations,” the MMA stated. “Action will continue to be taken against non-compliant parties in collaboration with relevant enforcement bodies.”
Official business registry records show Express Money Exchange was registered in 2024 by shareholders Ahmed Sinaz and Amjad Ismail. MMA records indicate the firm held a Tier 1 money-changing license issued on April 14, which was originally set to run through April 2031 before its early revocation.
The license cancellation comes as local authorities ramp up efforts to curb black market currency trading, where black-market US dollar exchange rates have soared.
The Majlis Public Accounts Committee recently passed amendments to the Foreign Exchange Act, proposing severe penalties for illegal dollar trading. Under the proposed bill, advertising or promoting dollar sales above official central bank bands—including through digital platforms—carries fines ranging from MVR 100,000 up to MVR 5 million for registered businesses and individuals involved in illicit currency operations.
