Customs signs MOU with all banks and MMA on TT verification
Maldives Customs Service has signed an MOU with all local banks and MMA to establish a system verifying telegraphic transfer transactions against actual imported and exported goods.
The Maldives Customs Service signed a Memorandum of Understanding (MOU) today with all banks operating in the Maldives, concerning Telegraphic Transfer (TT) verification.
Signed at a ceremony held at the Maldives Monetary Authority (MMA), the agreement will establish a system for exchanging information between banks and Customs regarding business transactions related to imported and exported goods.
The main objective of the initiative is to strengthen the system for verifying that TT payments made for importing goods match the actual goods brought into the country, ensuring the authenticity of trade-related financial transactions.