Bank of Maldives (BML) has revealed an employee has misappropriated bank funds of approximately USD 316,000.
In a statement, the national bank revealed following an investigation into the misuse of bank’s funds, and internal audit has found that an employee abused his authority to access internal accounts and misappropriated bank funds of approximately USD 316,000. The act constitutes serious misconduct, and the case has now been handed over to the Maldives Police Service for further investigation and action, according to BML.
The bank noted it has strong policies, procedures, systems and internal controls in place to detect internal wrongdoing. If a staff act in breach of any of these, strict action will always be taken and a proper investigation will be carried out by the relevant authorities, the bank further said.