The Central Bank of Somalia (CBS) has adopted a new approach to solve the AML/CFT problem in the country.
CBS announced the adoption of a risk-based approach for providing an end-to-end solution to the AML/CFT compliance requirements.
CBS adopted the approach through its Licensing and Supervision Department.
The approach incorporates risk communication, risk management, and risk assessment.
Alinea International provided the funds that CBS relies on to finance the new approach.
Mohamed Adam, a Canadian expert, provided the technical knowledge needed to make the new approach successful.