All banks operating in the Maldives and Maldives Customs Service have signed a Memorandum of Understanding (MoU) on telegraphic transfer (TT) verification.

The agreement was signed at a ceremony held at the Maldives Monetary Authority (MMA) today. Commissioner General of Customs Fathimath Dhiyana signed on behalf of Customs, while the CEOs and managing directors of the banks signed on their behalf.

The MMA’s Financial Intelligence Unit (FIU) will oversee the implementation of the agreement.

Under the MoU, a system will be established to facilitate the exchange of information between banks and Customs on bank-mediated transactions related to imported and exported goods.

The MMA said the initiative aims to strengthen verification of payments made through TTs for imports against details of the goods being imported and ensure the integrity of trade-related financial transactions.