BML Denies Halting Transactions with Russia, Calls Rumors False

Bank of Maldives (BML) has denied reports that it has stopped processing transactions involving Russia, calling such claims false and potentially harmful to the Maldives' tourism industry and economy. In a statement issued tonight, the bank confirmed it has not made any changes regarding sending or receiving money to and from Russia, and that no specific policy has been set to halt transactions originating from or linked to that country. The clarification follows reports in Russia's RBC news and other outlets suggesting BML had decided to cease processing such transfers. BML spokesperson Mohammed Saeed stated on social media that the bank had not shared any statement or information with the media on this matter. He explained that, like other banks, BML handles foreign currency transactions, particularly US dollar transactions, through international correspondent banks. These correspondent banks operate under their own measures, regulations, and compliance policies, including screening parties and ultimate beneficiaries. It is possible for correspondent banks to reject or return transactions that fall within such policies, and BML must comply with those decisions. The bank urged the public to disregard the false news, warning it could have an undesirable impact on the Maldives' tourism industry and the entire economy.