Bank of Maldives (BML) has revealed cheques were deposited to bank account of SOF Private Limited as they were endorsed, assuring the details of the cheques were immediately forwarded to relevant authorities of the government.
In a statement issued in response to the numerous criticism on the bank regarding the corruption of Maldives Marketing and Public Relations Corporation (MMPRC), BML said the cheques were deposited without further questioning as they were endorsed. BML said all endorsed cheques gets deposited after examining the account holder's information which issued the cheque, if all necessary information is filled and if the signatures are accurate. BML stated since the beginning, the bank has been following the same procedure until February 2016 when the bank stopped collecting endorsed cheques.
All transactions of the bank were conducted within the procedure without differentiating, according to BML. The national bank assured it sent weekly reports to the Financial Intelligence Unit (FIU), revealing the bank is required by law to send a Threshold Transaction Report whenever a transaction of over USD 13,000 is made. BML revealed an internal audit conducted on the bank for nine months, starting from October 2017, showed it had acted completely according to procedure.
Furthermore, BML said the bank continue to disclose all information regarding the MMPRC scandal to the investigative authorities and the information regarding SOF was forwarded to the Auditor General's Office in 2015. BML reiterated it has always operated within the banking laws and regulations of Maldives and international best practice. However, concerns are raised by the public on the involvement of BML in the scandal.