The Maldives Monetary Authority (MMA) has revoked the foreign exchange license issued to Express Money Exchange Private Limited for failing to comply with the Money Changing Business Regulations. This enforcement action follows a supervision examination conducted by the MMA. The Authority has further emphasized that strict measures, including substantial fines and legal action in collaboration with relevant enforcement agencies, will be taken against entities that violate foreign exchange regulations or engage in currency transactions exceeding the officially mandated rates.
