BML appoints Deloitte Singapore for forensic audit in relation to MMPRC

Bank of Maldives (BML) has appointed Deloitte Singapore to conduct a forensic audit in relation to the corruption scandal of Maldives Marketing and Public Relations Corporation (MMPRC).

In a statement, BML reiterated it will never support financial irregularities in any form. BML said the findings of various audits to date have not highlighted any failure as regards to MMPRC on the part of the bank.

However, as investigations into MMPRC continue, BML said the Board of Directors feels that it is in the best interests of the bank and the country to engage an independent external party to conduct a detailed investigative audit into the transactions relating to the corruption scandal. In this regard, BML has engaged international consultancy firm, Deloitte Singapore with more than 150 years of experience in financial services, to conduct a forensic audit.

As part of its work, according to BML, Deloitte will review all bank interactions with MMPRC and SOF Private Limited and a full examination of all transactions, including endorsed cheques, as well as the reporting and control procedures in place at the time. The national bank said its current policies and procedures will also be reviewed to evaluate our strength in terms of risk management and compliance with international standards.

The review reflects the determination of the recently appointed Board and CEO to ensure BML is seen as a trusted institution with the highest levels of integrity. BML added is also part of a wider series of measures which will include recruiting a new Chief Risk Officer to focus upon risk and compliance policies. The bank said it looks forward to the conclusion of the audit and engaging with the relevant authorities to support the ongoing investigations.