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Yemen Banks Step Up Compliance Training Amid FATF Monitoring

As one of the Middle East and North Africa Region (MENAFATF) members, Yemen has made significant progress in implementing Anti-Money Laundering (AML) and Combating Terrorist Financing (CFT) recommendations.

Progress Update

According to a recent statement by the Financial Action Task Force (FATF), Yemen has completed its agreed action plan. Although FATF has not been able to conduct an on-site visit due to security concerns, the organization will continue to monitor the situation and conduct an on-site visit at the earliest possible date.

“While the FATF determined that Yemen has completed its agreed action plan, due to the security situation, the FATF has been unable to conduct an on-site visit to confirm whether the process of implementing the required reforms and actions has begun and is being sustained,” a FATF official said.

Tadhamon Bank’s Compliance Efforts

Yemen’s leading bank, Tadhamon Bank, has established internal procedures and policies to detect and combat money laundering, finance of terrorism, fraud, corruption, and bribery in accordance with Yemeni Law No. (1) of 2010 on AML and CFT.

Training and Awareness Programs

Tadhamon Bank conducts ongoing anti-money laundering, anti-fraud training and awareness programs for its personnel. The bank also carries out independent audits of the program to ensure compliance.

Sanctions Screening and PEPs Policy

The bank uses a web-based application connected to SWIFT to monitor and check all SWIFT transactions, and rejects any transactions that match with sanctioned entities or countries. Additionally, Tadhamon Bank has policies in place for dealing with Politically Exposed Persons (PEPs), their family members and close associates, requiring approval from the top management before establishing relationships.

Anti-Bribery, Corruption, and Fraud Policies

Tadhamon Bank has adopted dependent policies on anti-bribery, corruption, and anti-fraud, as well as a written policy on conflict of interests and banking consumer protection principles. The bank’s compliance report can be downloaded online.

Conclusion

The implementation of these measures demonstrates Yemen’s commitment to ensuring the integrity of its financial system and complying with international standards. As FATF continues to monitor the situation, Tadhamon Bank remains committed to maintaining its high standards of compliance training for its personnel.