The Maldives Monetary Authority (MMA) has officially launched an advanced monitoring and reporting system designed to oversee the operations of licensed money changers across the country. The central bank's initiative is aimed at modernising the regulatory framework governing the foreign exchange sector and enhancing financial sector transparency. The platform was officially inaugurated by Deputy Governor Aishath Asna Hamdhee.
According to the central bank, the new system will significantly streamline administrative procedures by automating core regulatory reporting tasks. This automation is expected to accelerate communication and interaction between the central bank and licensed operators, facilitating seamless data exchange and operational compliance.
The platform will also serve as a dedicated mechanism for licensed entities to record and report foreign currency exchange transactions in real time. By transitioning from traditional procedures to a modern digital architecture, the central bank aims to ensure accuracy, reduce reporting overheads, and maintain comprehensive records of market transactions.
The MMA highlighted that the digital transformation will reinforce its supervisory capabilities, enabling closer oversight of currency exchange activities and contributing to the overall stability and resilience of the national financial sector.
The authority further announced that starting 1 December, all licensed money exchange businesses will be mandated to log and submit their transaction records exclusively through this new platform.