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)

On April 10, 2021, representatives from the Attorney General’s office visited the FRC office, upon arrival, the AG office team was received by the FRC team. See more info. ➡️ frc.gov.so/prosecutors-se… #MENAFATF #AML/#CFT #Somaliafrc pic.twitter.com/0tBaO5xt1v