384 Dormant Accounts at Bank of Ceylon Announced, Funds to be transferred to MMA upon Closure

Bank of Ceylon has identified and announced 384 accounts which have been dormant for the past 5 years, and to be closed and all remaining funds transferred to Maldives Monetary Authority (MMA) unless activated. The list of accounts has been made public on the Government Gazette, and includes 147 MRF accounts and 237 USD accounts.

According to Maldives Banking Act 2010/24 Section 35, any account that has had no activity for 5 consecutive years without informing the bank via a written document would be marked as dormant and would be closed with all remaining funds in the accounts transferred to MMA upon closure.

Full details are available from the link below:


Source URL: Corporate Maldives

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