These remittance firms (''hawalas'') have become a large industry in Somalia, with an estimated US$1.6 billion annually remitted to the region by Somalis in the diaspora via money transfer companies. Most are members of the Somali Money Transfer Association (SOMTA), an umbrella organization that regulates the community's money transfer sector, or its predecessor, the Somali Financial Services Association (SFSA). The largest of the Somali MTOs is Dahabshiil, a Somali-owned firm employing more than 2,000 people across 144 countries with branches in London and Dubai.