Somalia
2 regulators · 6 laws & regulations · 4 obligations · 3 upcoming deadlines
| Obligation | Timing | Regulator | Arises from | Source | Detail |
|---|---|---|---|---|---|
| Banking | |||||
| AML/CFT record retention | Retention period 5 years | — | — | official | |
Art. 13 requires transaction records and customer due diligence records to be kept for at least five years, counted from execution for transactions and from the end of the relationship for CDD records. |
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| Customer due diligence (KYC/CDD) | At onboarding + ongoing | — | — | official | |
Art. 5 requires customer identification and verification; Art. 5(2)(b) sets a USD 10,000 threshold for occasional transactions. If CDD cannot be completed the entity must not open the account, continue the relationship or carry out the transaction, and must file a suspicious transaction report with the Financial Reporting Centre (Art. 5(10)). |
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| Insurance | |||||
| Takaful operator licensing | Before operating; renew annually | — | Takaful Licensing Regulations, 2025 (CBS/TAK/REG/01) | official | |
Reg. 5(1) requires a licence from the Central Bank before any takaful operation; licences expire on 31 December each year (Reg. 5(3)) and renewal applications are due by 1 October (Reg. 13). |
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| Payments & Fintech | |||||
| Mobile money provider licensing and safeguarding of customer funds | Before offering services; ongoing | — | — | official | |
Art. 6 requires a Central Bank licence before providing mobile money services. Art. 26 requires customer funds to sit in a designated bank account, equal to outstanding mobile money, and not be mixed with the provider's own funds. |
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| No obligations match these filters. | |||||