Money Transfer Businesses (MTBs) in Somalia have agreed to comply with the new rules set by the Central Bank of Somalia (CBS).
MTBs signed the agreement with CBS after a virtual meeting held on December 28, 2020.
The Central Bank held a virtual meeting with leaders of the MTBs as part of measures the Federal Government of Somalia (FGS) imposed to curb the spread of COVID-19 in the country.
During their meeting, representatives from the MTBs and CBS agreed to strengthen laws regarding Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
The Central Bank told the MTB representatives that their industry must be more cautious because of the exposure to money laundering and terrorism financing.