Due to the seriousness of money laundering and terrorist financing operations, and the resulting negative effects on the global financial and banking system and the national economy, many countries have been alerted to these risks early and have taken a number of measures aimed at combating money laundering and terrorist financing, including our country. Issuing laws and regulations to combat money laundering and terrorist financing and finding the supervisory and supervisory mechanisms entrusted with the application of these legislations based on best practices and the latest international principles and standards
And because the operations of money laundering and terrorist financing affect the reputation of financial institutions, especially banks, the Central Bank of Yemen has issued instructions, regulatory controls, and suspicion measures, among others, with the aim of protecting the banking sector from money laundering and terrorist financing.
The International Bank of Yemen is a public joint stock company that practices its banking activities and operations based on a license issued by the Central Bank of Yemen in accordance with the provisions of the Banking Law and practices its operations and activities through its public administration and its branches scattered within the Republic of Yemen.
The International Bank of Yemen adheres to the laws, instructions, controls and suspicion procedures related to combating money laundering and terrorist financing - and follows with interest the latest developments in the field of international principles and standards such as the forty recommendations issued by the Financial Action Group (FATF) and the principles of the Basel Committee on Banking Supervision and the standards of the Wolfsburg Bank Group (Wolfsburg) which includes Appropriate guidelines aimed at assisting banks in order to avoid exposure to any type of risk, especially operational and reputation risks, by strengthening policies and procedures that I know of your customer - and applying enhanced due diligence in the event of suspicious or unusual activities, maintaining banking correspondence internationally, and preventing Banks do business with fake banks .....