Regulatory Alerts2025-06-10
Regulation on Money Transfer Business Operations, 2016
The Central Bank of Somalia issued this regulation to establish comprehensive operational and compliance requirements for money transfer businesses, agents, and sub-agents operating within the country. The framework mandates robust risk management and anti-money laundering procedures, strict system security standards, mandatory record retention for at least five years, and transparent consumer protection measures including fee disclosure and complaint mechanisms. It further governs the appointment, oversight, and liability of agents while granting the Central Bank direct access to their systems and records to ensure ongoing regulatory compliance.
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