SOMALIA 
ENGLISH
POWERS TO ENFORCE COMPLIANCE
In accordance with Article 21(11) of AML/CFT Act,2016, The FRC has the power to issue a formal warning, revocation or suspension of business license and fixed penalty fine upon reporting entities for non-compliance with anti-money laundering and countering the financing terrorism obligations.
The Table below illustrates the steps that will be taken to enforce compliance
| No | Enforcement Steps | 2019 |
| 1 | Formal Warning issued to Banking Institutions | |
| 2 | Formal Warning issued to Money Transfer Businesses (Hawaalas) | |
| 3 | Suspension Orders Issued | |
| 4 | Revoked Business Licenses | |
| 5 | Financial Penalties for Banking Institutions | |
| 6 | Financial Penalties for the Money Transfer Businesses (Hawaalas) |
The Financial Reporting Center had a fruitful meeting with mobile money service providers. The purpose of the engagement was to foster collaboration between mobile money service providers and FRC to ensure compliance with #AML/#CFT Act, and Reporting obligations. pic.twitter.com/Q10N1qWKef
