MMA launches Money Changer System, mandatory from 1 December

MMA launches Money Changer System, mandatory for licensed operators from December

The MMA has launched a digital Money Changer System to simplify transaction recording and reporting for licensed operators, with mandatory use beginning on 1 December 2026.

Mohamed Hilmy

05 November 2026, 13:51

The Maldives Monetary Authority (MMA) has launched a new Money Changer System to digitalise the operations of licensed money changers and simplify transaction recording and regulatory reporting.

The system was launched by MMA Deputy Governor Aishath Asna Hamdi and will become mandatory for all licensed money changers from 1 December 2026.

The digital platform is designed to streamline administrative and operational processes for money-changing businesses, including automating certain processes and making interactions between licence holders and the MMA faster and more efficient.

Money changers will also be able to use the system to record transactions, submit required information and file reports relating to foreign currency exchange transactions.

The MMA said the platform is expected to improve the efficiency of reporting and oversight while supporting the continued strengthening of the financial sector through greater digitalisation and automation.

From 1 December, all holders of money exchange licences will be required to use the system for transaction recording and reporting.

MMA launches Money Changer System, mandatory for licensed operators from December

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