Regulatory Alerts2025-06-10
Money Transfer Business Licensing Regulations 2014
The Central Bank of Somalia issued the Money Transfer Business Licensing Regulations 2014 to establish a comprehensive licensing framework for all non-bank money transfer businesses operating in the country. The regulations mandate detailed license applications, including financial statements, business plans, anti-money laundering compliance, and a $60,000 performance security, while requiring the Central Bank to approve or deny applications within sixty days. Licensed entities must annually renew their permits, prominently display licenses, maintain a public register of operations, and face sanctions or revocation for non-compliance, false filings, or failure to meet fit-and-proper standards.
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