The Maldives Monetary Authority (MMA) has announced that it is seeking a qualified consultant to design a nationwide real-time information exchange system that would link financial institutions with law enforcement authorities. The initiative aims to modernise the country’s response to financial crimes and strengthen mechanisms for urgent intervention.
Applications are open until 20 November, and interested candidates are required to submit their CVs along with supporting documents.
A Mandate Rooted in Law
The engagement follows legal requirements under Section 72-2 of the Criminal Procedure Code, which mandates the establishment of a secure, real-time communication platform between banks and enforcement agencies. The system is intended to replace existing manual reporting processes that often slow down urgent financial crime responses.
Under the law, the system must allow authorities to:
- Receive immediate alerts when a bank suspects criminal proceeds or suspicious transactions;
- Freeze accounts or halt transactions without delay;
- Track the progress of related investigations in real time.
MMA says the new framework will align with international best practices and enhance the country’s resilience against money laundering, fraud, and other financial crimes.
Consultancy Objectives
The selected consultant will be responsible for designing both the conceptual architecture and detailed system framework for the information exchange platform. Key objectives include:
- Defining how suspicious transactions will be reported instantly;
- Designing workflows for emergency account freezes;
- Mapping out real-time investigation status tracking;
- Recommending data protection, security, and confidentiality standards;
- Establishing a governance model outlining the roles of MMA, banks, and enforcement agencies;
- Preparing a phased implementation plan, including timelines and integration strategies.
The consultant will also review the system once developed to ensure it meets all legislative, functional, and security requirements.
Scope of Work
The consultancy spans five major components:
- Assessment of Current Systems – reviewing existing reporting methods, identifying gaps, and evaluating technical limitations.
- System Framework Design – developing the real-time data exchange mechanism and determining stakeholder responsibilities.
- Security & Compliance Advisory – outlining encryption, regulatory compliance, and cybersecurity standards.
- Implementation Roadmap – providing a phased rollout strategy and resource estimates.
- Capacity Building – conducting workshops and creating documentation for MMA and other stakeholders.
Deliverables
The consultant will be expected to produce:
- An inception report with methodology and engagement strategy;
- A comprehensive gap analysis;
- A detailed system design document covering all functional and non-functional requirements;
- Security and compliance recommendations;
- A full implementation roadmap;
- Capacity-building materials;
- A final consolidated report summarising all outputs.
Six-Month Engagement
The consultancy will run for six months from the date of commencement, subject to a mutually agreed timeline.
Qualifications and Experience
To be eligible, candidates must hold at least a Degree in Information Systems, Computer Science, or a related field, along with a minimum of five years of experience in system development or project management.
MMA has indicated that priority will be given to applicants with:
- Proven experience designing secure information exchange platforms;
- Strong expertise in cybersecurity, data protection, and IT governance;
- Advisory experience with financial institutions;
- Deep understanding of AML/CFT regulations and fraud prevention frameworks;
- Project leadership credentials or certifications.
Application Requirements and Remuneration
Applicants must submit attested academic certificates, a CV, a technical proposal with methodology, and references from previous similar projects.
The remuneration for the consultancy is set between MVR 40,000 and MVR 50,000.
