Currency exchange license issued to local company revoked

Maldives Monetary Authority (MMA) has revoked the money changer license issued to Bandaha Financials Private Limited.

The central bank said the license was revoked on Thursday after an investigation conducted into the company by MMA. Earlier in 2019, MMA had suspended the remittance license issued to the company, and the money changer license issued to the company's Bandaha Cafe' pending investigation.

Bandaha Financial Private Limited does business at two locations in capital Male'. They are MF Building Ground Floor in Chaandhanee Magu and H. Galandhooge Ground floor. The company offered currency exchange services at their office located in M.F Building.