Maldives Monetary Authority Launches Digital Money Change System

The Maldives Monetary Authority (MMA) has officially inaugurated the Money Change System, a new digital platform designed to modernize the operations of licensed money changing businesses in the country. The system was launched by Deputy Governor Aishath Asna Hamdee. The platform aims to digitize administrative and operational tasks, automating processes and enabling faster and easier transactions between the MMA and licensed entities. It will also streamline the recording and reporting of transactions, with required information and reports on money laundering activities to be submitted through the system. The MMA stated that the new system will enhance supervision and monitoring of the money changing sector, further strengthening the financial sector. From December 1 next year, all entities holding money exchange licenses will be required to use the system for all transaction recording and reporting.