HDFC follows the MMA’s Corporate Governance Code (CGC), and remain committed to working to improve our governance, providing robust oversight of the Company to achieve our purpose. The Company is supervised and regulated by the Maldives Monetary Authority (MMA), the country’s central bank. MMA closely monitors financial institutions’ adherence to laws and regulations.
As a responsible financial institution, HDFC has a long-standing reputation for trust that is built on financial reporting and compliance, and transparency, and therefore is run in accordance with the Companies Act of the Republic of Maldives (10/96), Listing rules of Maldives Stock Exchange, the Securities Act of Maldives Security Depository and Corporate Governance Code of Capital Market Development Authority Requirements.
HDFC also has in place detailed and clear policies and procedures setting out the standards relating to Preventing Money Laundering and Terrorism Financing, which must be followed by our employees. The Prevention of Money Laundering and Financing of Terrorism Act (10/2014) prohibits money laundering and terrorism financing in the Maldives.