The Parliament has received a legislative proposal to amend the National Payment System Act, introducing sweeping reforms intended to curtail unauthorised financial transactions and strengthen the oversight responsibilities of the nation's central bank.
Put forward by Adam Shafeeq, Member of Parliament for Makunudhoo, the bill articulates a dual mandate. It would confer explicit statutory powers on the Maldives Monetary Authority (MMA) to establish companies, partnerships, or joint ventures tasked with operating payment systems and providing payment services, functions currently beyond its remit under prevailing legislation.
In parallel, the amendments set forth new criminal provisions aimed at curbing financial irregularities. Under the proposed framework, any individual or entity, excluding designated banks and those formally exempted by the MMA, would be barred from offering or soliciting payment services without obtaining a licence or permit issued by the authority.
The scope of restrictions outlined in the bill also encompasses exempted parties, who would remain prohibited from soliciting payment services from foreign entities. Sanctions for violations are defined as monetary penalties ranging between USD 6,486.20 and USD 648,620.
To clarify the regulatory perimeter, the bill provides a definition of "payment solicitation" that includes any offering or promotion of payment services to the public or a segment thereof. It also captures activities such as advertising these services, proposing contractual engagements, and inviting participation in payment arrangements.
Enactment of the legislation would follow formal approval by parliament and ratification by the president. Once published in the Government Gazette, the law would take effect immediately.