Amal Express, a payment service company focused on Somalia, is fined by the Financial Supervisory Authority (FI). The association, which helps customers send money abroad through informal transfer systems, known as hawala, has inadequate routines for detecting money laundering and financing of terrorism, according to FI.
"The deficiencies have resulted in an increased risk of the association being exploited for money laundering and financing of terrorism. It is serious," says the Financial Supervisory Authority's Director-General Daniel Barr in a press release.
