Bank of Maldives (BML) has reaffirmed that customers’ banking information is protected by law and will only be disclosed when the bank is legally required to do so, following the circulation of a document purportedly seeking customer information from the bank.
The clarification came after a document circulated on social media claiming to be an official letter from the Ministry of Homeland Security, Labour and Technology addressed to BML Chief Executive Officer Mohamed Shareef.
Homeland Security Minister Ali Ihusaan has rejected the document as unauthentic, saying the Ministry had not sent such a request to BML or any other institution.
BML Head of Brand and Marketing Strategy Mohamed Saeed said customer information is protected under the Banking Act and cannot be released outside the circumstances permitted by law.
He said information may be provided when required under a court order or following a written request from an investigative authority legally empowered to seek such information.
Ihusaan, responding to the document circulating online, also pointed out that the Ministry of Homeland Security, Labour and Technology is not an investigative agency.
In a post on X, the Minister warned that fabricated documents were being circulated under the names of government institutions and urged the public not to use state institutions to spread false information.
The statements from both BML and the Ministry effectively reject the premise of the document circulating on social media, with the Ministry denying that it issued the letter and the bank reiterating the legal safeguards surrounding customer information.
The issue has emerged at a time of heightened public attention surrounding foreign currency transactions as significant changes to the Maldives’ foreign exchange framework take effect.
The first amendment to the Foreign Currency Act introduces revised mandatory conversion requirements for tourism establishments and certain businesses earning foreign currency, while strengthening regulation of the buying and selling of foreign currencies.
Under the revised framework, foreign currency can only be bought and sold at rates, or within bands, determined by the Maldives Monetary Authority (MMA). The law also introduces substantial penalties for selling, attempting to sell or advertising foreign currency above permitted rates.
The changes form part of the government’s effort to bring a greater share of foreign currency transactions into the formal banking system and improve the availability of US dollars through official channels.
The Maldives has historically faced a gap between demand for US dollars through banks and the amount available through official channels, contributing to the growth of a parallel foreign exchange market where dollars are typically traded at rates above the official rate.
However, BML’s latest clarification stresses that changes to the country’s foreign currency framework do not remove the legal protections governing individual customer banking information.
The bank maintained that such information will only be disclosed in circumstances provided for under the law and through requests made by authorities legally empowered to obtain it.
