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Yemen Complies with Anti-Money Laundering and Combating Terrorist Financing Recommendations

The Financial Action Task Force (FATF) has confirmed that Yemen, a member of the Middle East and North Africa Region (MENAFATF), has completed its agreed action plan to combat money laundering and terrorist financing.

Progress and Monitoring

According to a recent statement from FATF, Yemen’s progress is being closely monitored, with an on-site visit scheduled at the earliest possible date. The agency emphasized that while Yemen has made significant strides in implementing anti-money laundering (AML) and combating terrorist financing (CFT) recommendations, ongoing monitoring is necessary due to the country’s security situation.

Tadhamon Bank Complies with AML/CFT Regulations

In line with Yemeni Law No. 1 of 2010 on Anti-Money Laundering and Combating Financing of Terrorism, Tadhamon Bank has established internal procedures and policies to detect and combat money laundering, financing of terrorism, fraud, corruption, and bribery.

AML/CFT Framework

  • Regular customer due diligence
  • Ongoing monitoring of transactions
  • Reporting of suspicious activities
  • No services offered to shell banks or relationships with sanctioned entities

Sanctions Screening and Politically Exposed Persons

To prevent dealings with sanctioned entities, the bank uses a sanctions screening web-based application connected to SWIFT. This system allows compliance officers to monitor and reject transactions matched with any sanctioned entity or country.

Additionally, Tadhamon Bank has a policy covering relationships with Politically Exposed Persons (PEPs), their family members, and close associates. Enhanced due diligence is required for all PEP-related transactions, which are subject to approval by the bank’s top management.

Anti-Bribery and Corruption

The bank’s Board of Directors has adopted policies on anti-bribery and corruption, as well as conflict of interests and banking consumer protection principles. These policies are part of the bank’s comprehensive compliance program.

Compliance Report Available for Download

For more information on Tadhamon Bank’s AML/CFT framework and compliance with Yemeni regulations, please click here to download the latest compliance report.