- The MMA has launched a mandatory 'Money Changer System' for all licensed money changers, effective 1 December 2026.
- The platform automates foreign exchange transactions, replacing manual filings and providing real-time oversight of transaction pricing.
- The initiative targets illicit trading and the parallel US dollar market, following recent licence revocations of non-compliant operators.
The Maldives Monetary Authority (MMA) has introduced a dedicated digital platform to automate and monitor foreign exchange transactions, making its use compulsory for all licensed money changers from 1 December 2026.
MMA Deputy Governor Aishath Asna Hamdhee officially inaugurated the platform, designated the “Money Changer System”. The central bank notes that the initiative forms part of its broader regulatory drive to modernise currency exchange administration, eliminate manual procedures, and curb illicit trading across the country’s foreign exchange market.
Under the new regulatory framework, MMA explains, licensed money changers must record all foreign currency buying and selling transactions through the system and submit their mandatory compliance filings directly to the central bank. The platform replaces paper-based and manual administrative submissions with automated workflows, creating a unified channel for communication between operators and monetary regulators.
According to the MMA, automating these administrative requirements will minimise procedural delays, reduce operating friction for licensed businesses, and maintain an accurate, auditable trail of retail currency flows.
Crucially, the system provides authorities with real-time oversight of transaction pricing. By streamlining the collection and review of trading records, the central bank aims to detect and deter foreign exchange transactions conducted outside official exchange rates.
The regulatory overhaul comes amidst ongoing structural pressure in the domestic foreign exchange market, where reliance on tourism revenue and import demand has historically fuelled an active parallel market for US dollars. In recent months, the central bank has stepped up enforcement measures against unauthorised market practices, revoking the licences of several non-compliant operators.
Licensed money changers now have until the end of November to integrate the platform into their daily front-office and administrative routines ahead of the 1 December compliance deadline.
