Technical Assistance to the Central Bank of Somalia

PROJECT STATUS Completed 

PROJECT DELIVERABLES

• Capacity support and training:

-Three training sessions on the products listed below

• Technical support and product:

-Anti-Money Laundering /Countering the Financing of Terrorism (AML/CFT) gap analysis 

-Mobile Money Operators (MMOs) Supervisory Guide 

-Risk-based approach guidance for MMOs 

PROJECT RESULTS 

• Improved capacity of CBS staff to supervise AML/CFT compliance requirements in commercial banking and mobile money services. 

LESSONS LEARNED 

• Choosing a CE from the Somali diaspora with prior experience at the CBS, the necessary language and intercultural skills, and willingness to work at CBS Headquarters in Mogadishu was required in this context. 

TOTAL PROJECT REACH

• 61 participants (directly) reached through activities conducted and project deliverables
• No data available for Canadian Public Engagement 

PUBLIC ENGAGEMENT

• Mohamed Adam offered two virtual briefings on this initiative to the International Monetary Fund (IMF) Somalia Country Team and a virtual briefing to Global Affairs Canada Headquarters.  

The Technical Assistance Partnership (TAP) project with one of Canada’s premier experts in financial crime, Mohamed Adam, is working collaboratively with the Central Bank of Somalia (CBS). The initiative will support the capacity development of the bank’s staff to supervise anti-money laundering (AML/CFT) compliance requirements in commercial banking and mobile money services (MMOs)to develop and implement a program that supports gender-responsive security-threat reduction and financial inclusion.

The work will include a gap analysis on commercial banks and Mobile Money Operators (MMOs)to develop an offsite/onsite examination manual to address identified gaps. Following the gap analysis, Mohamed will mentor the supervisory capacity of the staff to develop and implement AML/CFT compliance programs for MMOs and commercial banks. The training and examination manual will enable the CBS staff to supervise the commercial banks and the MMOs on AML/CFT compliance requirements based on international standards, policies, and procedures.

The training will also focus on frontline staff and compliance officers. It will cover AML/CFT for CBS banking supervisors, particularly risk-based approach, outreach activities covering the existing AML/CFT guidelines, and the guidance on Know-Your-Customer and Customer Due Diligence for commercial banks.