The Maldives Monetary Authority (MMA) has revoked the money-changing license of Express Money Exchange Pvt Ltd after identifying violations of the nation’s foreign exchange regulations. The central bank confirmed the termination of the license on Thursday following a thorough supervisory review.

Investigations into the company’s corporate structure reveal that the entity is closely tied to the family interests of prominent businessman Hamid Ismail, also known as Hamid Seth. According to the Economic Ministry’s business portal, Express Money Exchange was registered in 2024, with Ahmed Sinaz and Amjad Ismail listed as shareholders. The portal also indicates shared interests between these individuals and Hamid Ismail’s daughter, Soura Hamid Ismail, through another firm, Fuel Express Maldives.

In an official statement, the MMA emphasized that the decision to cancel the Tier 1 license—which was originally valid until April 2031—was a direct result of non-compliance discovered during routine inspections. The authority issued a stern reminder to all foreign exchange operators, urging strict adherence to legal frameworks governing currency transactions.

The central bank further noted that it would continue to collaborate with law enforcement and other regulatory bodies to take decisive action against any entities found violating market regulations. This enforcement move comes at a time when the Maldives is facing significant pressure from the informal currency market and is considering stricter legislative measures to stabilize the dollar exchange rate.