Financial Crime World

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Maldives Bank Seeks Experts to Conduct Enterprise-Wide Risk Assessment on Financial Crime Risks

Background

The Bank of Maldives (BML) is inviting experienced consulting firms to submit proposals for a comprehensive Enterprise-Wide Risk Assessment on Financial Crime Risks. The assessment aims to identify and mitigate potential risks associated with money laundering, terrorism financing, fraud, bribery, and corruption.

About the Bank of Maldives

The Bank of Maldives, the country’s leading financial institution, has been operating since 1982. With a nationwide network of branches and digital banking services, BML is committed to supporting individuals, businesses, and communities across the Maldives.

Scope of Work

The selected consultant will be responsible for conducting a comprehensive review of BML’s financial crime risks, including:

  • Enterprise-Wide Risk Assessment on Money Laundering (ML) & Terrorism Financing (TF)
  • Enterprise-Wide Risk Assessment on Fraud Risk
  • Enterprise-Wide Risk Assessment on Bribery and Corruption Risks

The assessment will involve the following deliverables:

Deliverables

  1. A detailed report on the gap analysis of BML’s financial crime risk management framework, including identified risks and vulnerabilities, mitigating actions, and proposed risk management controls.
  2. A list of documents to be designed, updated, or amended to update BML’s existing Financial Crime Risk Management Framework in conformity with international best practice guidelines and local regulatory guidelines.
  3. Risk assessment procedures for ML/TF risks, Fraud Risk, and Bribery and Corruption Risks.
  4. Recommendations for improving BML’s risk management framework.

Evaluation Criteria

Proposals will be evaluated based on the following criteria:

Evaluation Criteria

  1. Value and Cost (30%): The proposed cost of the work to be performed in accordance with the scope of this assignment.
  2. Overall Proposal Suitability (25%): The proposal must meet the scope and needs included herein and be presented in a clear and organized manner.
  3. Organizational Experience (20%): Bidders will be evaluated on their experience as it pertains to the scope of this assignment.
  4. Previous Work (10%): Bidders will be evaluated on examples of their work on similar assignments, client testimonials, and references.
  5. Technical Expertise and Experience (15%): Bidders must provide descriptions and documentation of staff technical expertise and experience.

Submission Details

Proposals should be submitted via email to tenders@bml.com.mv and latheef2388@bml.com.mv before 14:00hrs (local time) on Sunday, 10th January 2021. Alternatively, proposals can be handed over in person at the Bank of Maldives PLC, Seatracks building, 04th Floor (Boduthakurufaanu Magu), Procurement Department meeting room.

Contact Information

For further information or clarification, please contact Mr. Mohamed Ahmed, Head of Procurement, at +960 301 5355 or tenders@bml.com.mv.

Closing Date for Submissions

Sunday, 10th January 2021