Customs Signs TT Verification MoU with All Banks in Maldives

The MoU was signed today during a ceremony held at the Maldives Monetary Authority (MMA).

Mohamed Hilmy

27 August 2026, 19:37

The Maldives Customs Service has signed a Memorandum of Understanding (MoU) with all banks operating in the Maldives to establish a system for verifying Telegraphic Transfer (TT) transactions related to international trade.

The MoU was signed today during a ceremony held at the Maldives Monetary Authority (MMA).

Under the agreement, a mechanism will be established for banks and the Maldives Customs Service to exchange information on financial transactions carried out through banks in connection with goods imported to and exported from the Maldives.

The initiative is aimed at strengthening the verification of information declared for imported goods by cross-checking it against payments made through TT transactions. The system is expected to help ensure the authenticity and accuracy of financial transactions associated with international trade.

Commissioner General of Customs Fathimath Dhiyana signed the MoU on behalf of the Maldives Customs Service, while the respective Chief Executive Officers and Managing Directors signed on behalf of the participating banks.

The implementation and coordination of the initiative will be overseen by the Financial Intelligence Unit (FIU) of the Maldives Monetary Authority.

Customs Signs TT Verification MoU with All Banks in Maldives

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