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Tuesday, October 14, 2008

Amal Express

Amal Express is a Somali based Hawala and remitance company with locations world wide. This would be a Competitor of Dahabshiil.

AMAL Express, and indeed other Somali Remittance Companies are facing critical challenges, specifically since September 11,2001.

Somali Remittance Companies are presently operating in a country without a national government, a financial regime and formal arrangements, either political or financial, while still operating with the rest of the world.

AMAL Express has embarked on a number of strategies to address the challenges affecting the remittance sector. AMAL Express is a member of The Somali Money Transmitters Association (SOMTA) , an association developed to embark on, amongst others, the process of self-regulation in the sector.

Each company within AMAL Express will adopt an Anti-Money Laundering Compliance
Program and develop written procedures designed to implement this program. This
program address the following issues:
AMAL's policy in respect of Anti-Money Laundering;
Customer Identification and Verification
Record keeping
Account monitoring and Suspicious Transaction Reporting
The role of the Money Laundering Reporting Officer/Compliance Officer
Training of employees Independent review of its Anti-Money Laundering program.

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