ACCPA Africa Office

P.O. Box M270

Ministries, Accra



United States:

ACCPA Global Office
12133 Mitchell Avenue
Los Angeles, CA 90066

Tel: +1(619) 606-1949

Somalia, like many African countries with a sizeable diaspora population, relies heavily on remittances to meet growing economic challenges. According to Oxfam, remittances account for between 25 and 45 percent of Somalia’s economy and exceed the amount it receives in humanitarian aid, development aid, and foreign direct investment combined. Somalis living abroad send about $1.3 billion each year to family and friends living in Somalia to help them meet basic household needs, send children to school, and invest in their communities [6]. Today, this flow of financial support is being threatened by ongoing stringent financial regulations in the U.S. and the U.K. The regulations have come about as lawmakers in the U.S. and U.K. fear that the Central Bank of Somalia’s lack of supervision over its fragile banking sector may lead to the diversion of remittances into the hands of the violent extremist group al-Shabaab which has carried out atrocious attacks in Somalia and Kenya. The Central Bank of Somalia has lost oversight of its commercial banking sector and currently has very little correspondent relationships with foreign banks. Somalia does not have a functioning commercial banking system, and there are no foreign banks or global remittance service providers. This leaves the provision of wire transfer and remittance services in the hands of Money Transfer Operators (MTOs) – a group of companies that grew out of informal hawala networks – as the only formal, practical, and regulatory set of institutions through which to send money to Somalia [6]. To operate, MTOs require correspondent banking relationships – this means they have to open bank accounts in countries where money is sent from.

Will U.S/U.K-Somali Remittance Corridor Go Underground?

16 October 2014

Rebittance in Ghana

ACCPA AML Certification

for Africa

  AML/ATF News in Africa

ACCPA Compliance Magazine

AML Journal of Africa

Country Focus:  Somalia

17 February 2015

Bitcoin Hits Africa

25 February 2015

Ending ID Fraud in Nigeria

The ACCPA Compliance Magazine is Africa’s first and only publication for compliance professionals. The magazine publishes articles written by compliance professionals working on the ground in Africa and distributed to ACCPA members. 

The ACCPA Certification Program provides exceptional world-class professional training in global Anti-Money Laundering (AML) regulations and Anti-Terrorist Financing measures that are specifically tailored to professionals working in Sub-Saharan Africa.

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IMF Cautions Against Risk

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South Africa's First Bitcoin ATM

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2 June 2015

Currency Rigging at CBN

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