Bank of Maldives (BML) has reiterated that customers’ banking information cannot be released outside procedures established by law, after a document circulated online claiming that a government ministry had requested customer information from the bank.
The document, which was shared across social media, purported to be an official letter from the Ministry of Homeland Security, Labour and Technology addressed to BML Chief Executive Officer Mohamed Shareef.
However, Homeland Security Minister Ali Ihusaan has denied that the letter originated from the Ministry.
Responding to the circulation of the document, Ihusaan said no such request had been sent to BML or any other institution. He also warned against creating or distributing fabricated documents using the names of state institutions.
The Minister further pointed out that the Ministry of Homeland Security, Labour and Technology is not an investigative authority.
BML has separately clarified the circumstances under which it can disclose information relating to its customers.
BML Head of Brand and Marketing Strategy Mohamed Saeed said banking information is protected under the Banking Act and can only be released when the bank is legally obligated to provide it.
This includes situations where information is sought through a court order or through a written request submitted by an investigative agency authorised by law to obtain such records.
The clarification means customer banking records cannot simply be obtained through a general request from an institution that does not possess the necessary investigative or legal authority.
The issue has attracted attention as the Maldives begins implementing major changes to its foreign currency regulations.
New provisions under the Foreign Currency Act are aimed at increasing the amount of foreign currency entering the country’s formal banking system while tightening rules governing foreign currency transactions outside licensed institutions.
The revised framework requires foreign currencies to be bought and sold at rates, or within bands, determined by the Maldives Monetary Authority (MMA), while foreign exchange businesses must operate with an MMA licence.
The legislation also introduces stronger penalties for selling, attempting to sell or advertising foreign currency at rates exceeding those permitted by the central bank.
The government has presented the reforms as an effort to improve the availability of US dollars through official channels, particularly for essential imports and other economic requirements.
Foreign currency availability has remained a longstanding issue in the Maldives, where the tourism industry generates substantial dollar earnings while businesses and individuals simultaneously require foreign currency to pay for imports and overseas transactions.
Limited availability through official channels has historically contributed to demand in the parallel foreign exchange market, where US dollars are traded at rates higher than those offered by banks.
Despite the wider changes taking place in the foreign exchange system, BML’s latest statement emphasises that existing legal safeguards protecting customers’ financial information remain in place.
The bank maintained that customer information will only be provided when a request meets the requirements established under Maldivian law.
