Yemen’s Central Bank Launches Compliance Training for Local Banks

Enhancing Regulatory Standards in the Banking Sector

The Scrutiny of Banks department at the Central Bank of Yemen has launched a 10-day workshop for compliance officers at local banks, aimed at enhancing regulatory standards in the banking sector.

Workshop Objectives

• Equip participants with necessary knowledge and skills to ensure effective compliance with regulations
• Provide a comprehensive understanding of the functions and significance of compliance in the banking sector

Topics Covered

• Capital adequacy reports
• Daily reporting requirements
• Currency exchange rates

Importance of Compliance Training

According to Central Bank Governor Mohammed Zemmam, “The training program is crucial for promoting good governance and risk management practices among local banks. It will help us ensure that our banking system operates in a transparent and responsible manner.”

Capacity Building Initiatives

The central bank has also announced that it will be sponsoring training courses abroad for many of the compliance officers at local banks, demonstrating its commitment to capacity building in this critical area.

Conclusion

The workshop is expected to conclude within the next 10 days, with participants set to return to their respective institutions equipped with the knowledge and skills necessary to ensure compliance with regulatory requirements.