Regulatory Alerts2024-12-21
Somalia’s Financial Sector Development Policy Brief
The Central Bank of Somalia issued this policy brief to detail regulatory reforms and infrastructure upgrades that strengthen the financial sector and mitigate money laundering and terrorism financing risks. It requires commercial banks, mobile money operators, and money transfer businesses to enhance compliance protocols, integrate national identification systems, and adopt modern supervisory tools to reduce high-risk international designation. These measures aim to lower correspondent banking costs, expand private sector credit, and facilitate Somalia’s reintegration into the global financial system.
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