Customs and banks launch TT verification system to curb counterfeit transfers

All banks operating in the Maldives have signed an agreement with the Maldives Customs Service to establish a verification system aimed at preventing counterfeit telegraphic transfers (TTs) and strengthening oversight of trade-related financial transactions.

Customs signed the agreement with seven banks. Commissioner General of Customs Fathmath Dhiyana signed on behalf of Customs, while the CEOs and Managing Directors signed on behalf of their respective banks.

According to the Maldives Monetary Authority (MMA), the agreement will pave the way for a robust system to exchange information between banks and Customs on business transactions related to imports and exports. The system will allow authorities to verify TT documents submitted for import and export clearance and ensure that financial transactions match the goods being brought into or sent out of the country.

The MMA said the initiative is part of efforts to strengthen checks on the accuracy of trade-related financial transactions, particularly by verifying TT information against import documentation.

The work will be coordinated by the Financial Intelligence Unit (FIU) of the MMA.