Anti-Money Laundering and Counter-Terrorism Financing
SHARQ Yemeni Bank for Islamic Microfinance is committed to subjecting all its transactions to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) procedures and requirements, in light of laws, regulations, and supervisory instructions, and in accordance with best practices that ensure compliance with all regulatory and legal requirements. This contributes to protecting the national and global financial system, as well as the bank, its clients, and its employees. This is primarily based on National Law No. (1) of 2010 and its executive regulations, Law No. (17) of 2013 and its executive regulations and their amendments, and in accordance with the instructions and circulars issued by the Central Bank of Yemen and the Financial Information Unit (FIU) in Circular No. (1) and Circular No. (2) of 2012 and any subsequent instructions, as well as the international recommendations issued by the Financial Action Task Force (FATF).
AML/CTF efforts at SHARQ Yemeni Bank for Islamic Microfinance are based on policies and procedures within the bank and a compliance program approved by the highest regulatory body, which includes the following:
Written policies and procedures.
Independent compliance management.
Customer classification according to a risk-based approach.
Know Your Customer (KYC) principle based on the customer’s risk level.
Monitoring and screening daily transactions to prevent suspicious activities.
Money laundering risk assessment.
Combating corruption, bribery, and fraud.
Code of conduct and professional ethics.
Independent auditing of compliance management operations.
Record keeping.
Continuous training program.
Updating policies and procedures according to changes.