Regulatory Alerts2025-06-10
Regulations for Money Transfer Businesses on Customer Registration, 2016
The Central Bank of Somalia has issued regulations requiring money transfer businesses to establish, maintain, and verify comprehensive customer records for natural persons, legal entities, and beneficial owners. The framework mandates risk-sensitive verification using specified government-issued documents or authorized reference letters, with simplified identification permitted for low-value transactions and enhanced measures applied to higher-risk or high-volume transfers. Furthermore, businesses must accurately document transaction details and retain all customer records for a minimum of five years following the conclusion of the business relationship or completion of individual transactions.
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