FSVC helped train 39 representatives from money transfer businesses (MTBs) in Kismayo, Somalia, in international best practices in anti-money laundering/combating the financing of terrorism (AML/CFT) compliance. AML/CFT is particularly important in Somalia as remittances amount to more than $1.6 billion annually. The majority of these remittances are transacted through MTBs.

To ensure local ownership, the Central Bank of Somalia (CBS) led the training, with support from FSVC's mentors. The first three days focused on managers and compliance officers of MTBs, and stressed the importance of AML/CFT compliance and how to report suspicious transactions to Somalia's Financial Intelligence Unit (FIU). The training then focused on helping MTB tellers gain a better understanding of how to apply in practice policies and procedures related to Know-Your-Customer (KYC) and Customer Due Diligence (CDD).

Through this training, FSVC is helping to promote the safety and stability of Somalia's financial sector, which will help allay the concerns of international regulatory bodies and enable the safe flow of remittances to the people of Somalia .