The Maldives Monetary Authority has revoked the money-changing licence of MS Finance and issued a fine for regulatory violations.
The company has been linked in reports to a major money-laundering investigation involving the Football Association of the Maldives. The action forms part of a wider official crackdown on the parallel foreign-exchange market.
Authorities have stepped up enforcement against unlicensed currency dealing and related financial misconduct. MS Finance has not publicly responded to the licence cancellation at the time of reporting.
The case is expected to feed into ongoing inquiries by the Financial Intelligence Unit and other agencies.