MMA seizes two licenses issued to a private company

Maldives Monetary Authority (MMA) has seized the remittance and money changer licenses issued to a private company.

MMA said that that they seized the remittance license for Bandaha Financial Private Limited and the money changer license for Bandaha Café.

The company conducts remittance businesses at MF Building on Chaandhanee Magu and Galadhunge in Henveiru, the Bandaha Café money changer business was being conducted on the ground floor of the MF Building. MMA has now seized both licenses.

While the MMA has confirmed that licenses were seized temporarily, they did not reveal as to why the licenses were seized.