Bank of Maldives have appointed international consultancy firm, Deloitte Singapore to conduct a detailed investigative audit into the transactions relating to the MMPRC corruption.

In a press brie, the bank said that they have always reiterated that it will never support financial irregularities in any form. 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, the Board 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 this matter. We have therefore engaged international consultancy firm, Deloitte Singapore with more than 150 years of experience in financial services, to conduct a forensic audit," it further read.

As part of its work, Deloitte will review all Bank interactions with MMPRC and SOF Pvt Ltd and this will include conducting a full examination of all transactions, including endorsed cheques, as well as the reporting and control procedures in place at the time. The Bank’s current policies and procedures will also be reviewed to evaluate our strength in terms of risk management and compliance with international standards.

"This review reflects the determination of the recently appointed Board and CEO to ensure that the Bank of Maldives is seen as a trusted institution with the highest levels of integrity. It 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 brief further explained.

The bank asserted that they look forward to the conclusion of the audit and engaging with the relevant authorities to support the ongoing investigations.