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.