MMA launches digital platform to monitor money exchangers amid dollar black market crackdown

The Maldives Monetary Authority (MMA) has inaugurated a modern digital platform to monitor and report the work of money exchangers. The new system, named the "Money Changer System," was launched by Deputy Governor Aishath Ashna Hameed. According to the MMA, all entities holding money exchange licenses must use the new system starting from the first day of next month to record and report transactions. The system is designed to digitize the administrative and operational tasks of licensed money exchange businesses. The MMA stated that this will modernize the work of entities licensed to conduct money exchange business. The authority said administrative tasks will be automated, and transactions between the MMA and license holders will become faster and easier to carry out. The system will also make it easier to record and report transactions related to foreign currency marketing. In addition to sharing information that must be sent to the MMA according to regulations, the system facilitates the submission of reports on foreign currency marketing transactions. The MMA stated that the new platform will provide additional ease in supervising and monitoring the affairs of the money exchange business, paving the way for a more robust financial sector. The launch comes amid an intensifying issue of selling dollars at high prices among entities licensed by the MMA, and follows the authority revoking licenses of some money exchangers recently.