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of <h1>Maldives Joins Asian Clearing Union; Banks to Comply with Foreign Exchange Management Act Procedures from January 1, 2010.</h1> The circular informs Authorized Dealer Category - I banks about the inclusion of the Maldives Monetary Authority as a member of the Asian Clearing Union (ACU) following a meeting held on June 16, 2009. The Maldives Monetary Authority will begin ACU operations on January 1, 2010, subject to all applicable ACU regulations unless specifically exempted. Banks are instructed to adhere to the relevant procedures and regulations as outlined in the Foreign Exchange Management Act and related notifications. Amendments to the existing regulations will be issued separately, and banks should inform their concerned constituents of these updates.
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