Privacy Policy

The Development Bank of Maldives (“DBM”) is dedicated to fostering the economic resilience of the Maldives. We recognize that trust is the foundation of our relationship with our clients and partners. We are committed to protecting the privacy and security of your personal and financial information in accordance with the laws of the Republic of Maldives, regulations issued by the Maldives Monetary Authority (MMA), and international best practices.

What This Policy Covers

This Privacy Policy outlines how DBM collects, uses, processes, and protects your data when you visit our website, use our digital banking platforms, or engage with us for financing services.

Information We Collect

We collect different types of information depending on your relationship with us.
Personal & Identity Information
• Individual Details: Name, date of birth, nationality, National ID (NID) or Passport number.
• Corporate Details: Business registration numbers, board resolutions, details of Directors and Ultimate Beneficial Owners (UBOs).
• Contact Information: Physical address, email address, and phone numbers.
Financial & Transactional Information
• Account Data: Bank account numbers, IBANs, and account balances.
• Project Data: Feasibility studies, financial statements, asset valuations, and collateral details related to infrastructure lending.
• Transaction Records: Details of payments, remittances (inward/outward), and payees.
Technical & Digital Usage Data
• Device Information: IP address, browser type, device model, and operating system used to access our digital services.
• Usage Data: Login timestamps, pages visited, and interaction history with our webflow site or portal.
• Location Data: Geographic location derived from IP addresses for security and fraud prevention.

How We Use Your Information

We process your data only for specific, lawful purposes:
• Service Provision: To process loan applications, manage project financing, and execute transactions (SWIFT/RTGS).
• Identity Verification (KYC): To verify your identity and the identity of UBOs as required by MMA Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations.
• Credit Assessment: To evaluate creditworthiness and project viability via the Credit Information Bureau (CIB) of Maldives and internal risk models.
• Fraud Prevention: To detect suspicious activities, prevent unauthorized access, and secure our systems.
• Regulatory Compliance: To report to the MMA, Maldives Inland Revenue Authority (MIRA), and other statutory bodies as required by law.
• Communication: To send you transaction alerts, account statements, and important policy updates.

Who We Share Your Information With

DBM maintains strict confidentiality. We do not sell your data. We may share your information with:
• Regulators & Authorities: The Maldives Monetary Authority (MMA), Financial Intelligence Unit (FIU), MIRA, and law enforcement agencies where legally mandated.
• Credit Information Bureau (CIB): To report credit facilities and check credit history as required by the Maldives Banking Act.
• Correspondent Banks: To process international transfers (SWIFT), data may be shared with intermediary banks involved in the transaction chain.
• Service Providers: Trusted third-party vendors (e.g., cloud hosting providers, IT security firms, auditors) who process data on our behalf under strict Non-Disclosure Agreements (NDAs).

International Data Transfers

As a modern development bank, DBM utilizes secure cloud infrastructure and international payment networks. Your data may be processed outside of the Maldives. In such cases, we ensure that:
• The transfer is necessary for the performance of a contract (e.g., International Remittance).
• The receiving jurisdiction or entity maintains data protection standards equivalent to those required by Maldivian law and international best practices.

Data Security

We implement robust technical and organizational measures to protect your data, complying with the MMA Electronic Funds Transfer Guidelines, including:
• Encryption: Data is encrypted in transit (using TLS/SSL) and at rest.
• Access Control: Strict role-based access to customer data for DBM staff.
• Monitoring: 24/7 security monitoring to detect and prevent cyber threats.

Data Retention

We retain your personal and financial information only as long as necessary to fulfill the purposes for which it was collected, or as required by law.
• Transaction Records: Retained for a minimum of 5 years as per MMA AML/CFT regulations.
• Account Information: Retained for the duration of the relationship plus the statutory limitation period after account closure.

Your Rights

Subject to applicable laws and regulations, you have the right to:
• Access: Request a copy of the personal data we hold about you.
• Rectification: Request correction of inaccurate or incomplete information.
• Restriction: Request that we limit the processing of your data in certain circumstances.
• Objection: Object to the processing of your data for direct marketing purposes.

Use of Cookies

Our website uses cookies to improve user experience and analyze site traffic. You can control cookie preferences through your browser settings.

Contact Us

If you have questions regarding this Privacy Policy or how we handle your data, please contact our Data Privacy Officer:
Development Bank of Maldives
2nd Floor, Allied Building,
Chaandhanee Magu, Malé, Maldives
Email: infodbm@dbm.mv
Phone: +960 3337000

Amendments

DBM reserves the rights to ammend this privacy policy, or part thereafter at any given time or from time to time. To keep yourself updated with the latest changes , we advise you to frequently visit this page and to check it periodically for any updates or revisions.