About Us
About Our Company
Bullaale AS together with its partners is in the process of developing a comprehensive money transfer technology to integrate and offer the following: Digitization of Money Transfer: Currently the ecosystem of money transfer through the hawala system in most countries is extra-judicial and does not comply with any regulations, standards and rules and are often shut, collapse and have no ability to scale or address the evolving regulatory and legal ecosystem. Moreover, the inherent risk that is provincial in the hawala system has not been ably or adequately addressed but have exacerbated with the recent development in the regulatory environment and in particular – AML/CFT and cash handling and all other activities involved in cash. One just needs to look at the recent history of hawala collapses and prosecution to understand the very precarious nature of the traditional system and the wider systemic risk they pose to the participants and investors in general.
Key Take Aways
- Concentration of international banks offering correspondence banking services
- And where they are offering the services, the respondent bank needs to generate sufficient volume and value.
Moreover
- The respondent banks must concentrate on:
- Internal processes that create confidence in KYC
- Policy and procedures on AML/CFT
- It should be noted: It is the responsibility of the Board of Directors and management of an institution to establish appropriate policies on anti-money laundering and combating the financing of terrorism (AML/CFT) procedures and to train staff to ensure adequate identification of customers, source of funds and the use of the said funds. Such policies should also ensure the effective prevention, detection and control of possible money laundering and terrorism financing. With particular focus on the following:
- Placement” the physical disposal of the initial proceeds derived from illegal activity
- Layering” separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity.
- Integration” the provision of apparent legitimacy to criminally derived wealth. If the layering process has succeeded, an integration scheme places the laundered proceeds back into the economy in such a way that they re-enter the financial system appearing as normal business funds.
The partnership will lead to reconciliation and resolution of key issues:
- KNOW YOUR CUSTOMER –and development of insight into the operations and systems deployed and used in client relationship and management.
- Legal Entity Identifier (LEI) in all transaction which is basic requirement in mobile wallet and transfer – the instrument and infrastructure deployed
- Recommendation on information-sharing initiatives – over joint deployment and partnership
- Recommendation on payment messages
- Risk Management pertaining to liquidity management, credit and operations risk and counter party risk
THANK YOU
Mohamed Dheeg Aagane
CEO
Mohamed Dheeg Aagane
CEO