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) |
and those who fail to comply with the law will face consequences. The members and institutions involved in these matters should work together closely and avoid any actions that could create a gap between them. 3/3
