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File AttachmentBased on the inspection, the FSA believes that Dahab Shiils measures to limit the risk of money laundering and terrorist financing are insufficient, and that the company has violated the essential elements of the Money Laundering Act. This assessment is paid special attention to the company's high risk of being misused for money laundering or terrorist financing. The FSA has therefore decided to report it to the police.
Ahmed Abdi Godane was killed in a forest near Sablale district
"A senior Somali intelligence official said a US drone targeted al- Shabab leader Ahmed Abdi Godane as he left a meeting of the group's top leaders.”
FSA investigation has also given rise to a number of orders on the basis of:
Deficient internal procedures and training.
Lack of identification of customers.
Inadequate compliance awareness, monitoring, investigation and reporting.
Performing any agency.
FSA believes that the company's internal training materials are very general and is clearly suffering from the original from DahabShiil International, since teaching is not adapted to the Danish rules. The FSA has ordered the company to ensure that its employees and money laundering responsible are aware of the obligations contained in the Money Laundering Act, and to provide adequate written internal rules.
The FSA has assessed the company's procedures for identification of customers and has selected a number of customers to sample analysis. Against this background, the FSA ordered the company to ensure that respectively its regular customers and occasional customers are legitimized adequately, and to implement procedures that ensure that the company obtains sufficient information about customers' purpose of the business relationship and the intended scope. In addition, the Company is required to ensure that the identity and control information stored for at least 5 years after the business relationship has ended.
The Company has no specific examples of the employees have been aware of a suspicious transaction. The company does not even have a monitoring system, but informs that its operations are supervised by DahabShiil International in Somalia. The company has not had cases where they have investigated a suspicious transaction details, and thus has not made notification to the Public Prosecutor for Serious Economic and International Crime (SØIK), which the company grounds that monitoring is carried out by DahabShiil International.
Note Compliance Department Kaah Express: As you can see it is very important for Kaah Express to comply with the AML/CFT regulations, as the risks are high for Somalian Remittance companies!
https://www.kaahexpress.eu/wp-content/uploads/2014/09/News-Letter-Kaah-Express-September-2014.pdf
Source: Kaahexpress.eu
https://www.finanstilsynet.dk/da/Tal-og-fakta/Vurderinger-af-finansielle-virksomheder/2014/VU-Dahab-Shiil-030714.aspx
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