Yemen Adheres to Anti-Money Laundering and Combating Terrorist Financing Recommendations, Says FATF
Compliance with AML/CFT Recommendations
In a recent statement released by the Financial Action Task Force (FATF), Yemen has been deemed compliant with anti-money laundering (AML) and combating terrorist financing (CFT) recommendations. This achievement is the result of the country’s efforts to implement an action plan, which was previously agreed upon.
Ongoing Security Situation in Yemen
However, due to the ongoing security situation in Yemen, FATF was unable to conduct an on-site visit to verify that the necessary reforms have begun and are being sustained. The organization will continue to monitor the situation and conduct a visit at the earliest possible date.
Tadhamon Bank’s Compliance Efforts
Tadhamon Bank has established internal procedures and policies to detect and prevent money laundering, financing of terrorism, fraud, corruption, and bribery. These measures include:
- Regular checks and documentation of customer identities
- Written policy to meet AML/CFT requirements
- Ongoing anti-money laundering and anti-fraud training for personnel
- Independent audits of the program
- Clear procedures for identifying and reporting suspicious transactions
- Verification of legitimacy of larger transactions before processing
Additional Measures Implemented by Tadhamon Bank
The bank has also implemented additional measures to prevent financial crimes, including:
- Not engaging with shell banks or maintaining relationships with banks that use payable-through-accounts
- Prohibiting dealing with sanctioned entities
- Implementing a sanctions screening web-based application to monitor SWIFT transactions and prevent matches with any sanctioned entity or country
- Requiring approval from top management before establishing a relationship with politically exposed persons (PEPs)
- Conducting enhanced due diligence for every transaction involving PEPs
Written Policies and Procedures
Tadhamon Bank has written policies in place for:
- Anti-bribery, corruption, and fraud
- Conflict of interests
- Banking consumer protection principles
Full Compliance Report Available Online
The full compliance report can be downloaded online.