MMA revokes licenses of two companies

Central bank Maldives Monetary Authority (MMA) has stripped two companies of the remittance and money changers license issued to them.

MMA stripped the Remittance License from Bandaha Financial Pvt Ltd and the Money Changers License of Bandaha Cafe. Bandaha Pvt Ltd carries out remittance operations in the MF building located in Chaandhanee Magu and H. Galadhunge. Bandaha Cafe carried out money change operations on the ground floor of MF building.

MMA stated that the licenses were taken away from these two businesses because there were some issues that the central bank was investigating regarding the businesses. 

Remittance licenses are issued for five years. MMA's guidelines regarding the remittance business state that licenses can be revoked if the businesses are not operating constructively.