Maldives Monetary Authority (MMA) has withheld the remittance licence issued to Island Financial Services Private Limited, suspending the Western Union money transfer services in the country.
MMA revealed the licence issued to Island Financial Services to provide remittance services has been suspended from August 8, until further notice. However, MMA did not disclose the reasons of the licence suspension.
Meanwhile, Island Financial Services revealed its licence was withheld to bring immediate changes to the Western Union local application. The company said it expects the remittance licence to be reinstated early next week.
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