FRC Somalia Concluded its first engagement with the financial institutions on goAML

Somali Financial Reporting Center (FRC) concluded the first training on the goAML Software for Somali banks and Money Transfer Businesses (MTBs) in September and October 2022. The objective of the training was to provide important features of the goAML Software to the compliance and IT heads of the reporting entities. However, this Software will allow the reporting entities to submit different types of reports electronically.

This training comes as the first engagement with reporting entities, the topics covered were, among others, basic training on the web Software basics (user registration and system administration), ways of report submissions, and other solutions of the Software.

In delivering closing remarks, the FRC Director Amina Mohamed, emphasized the importance of this application system to the AML/CFT regime of the country as well as fulfilling Somalia’s international obligations to bolster the country’s efforts to tackle FinCrime. The Director also highlighted that the reporting entities will submit the reports electronically through the goAML Software which will make reporting system ‘more effective’. She pledged that FRC will provide the required technical support needed by the reporting entities before going live.

FRC has adopted goAML Software in 2021, developed by the United Nations Office of Drugs and Crime (UNODC) to combat Money Laundering and Terrorist Financing.

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.