Commitment policy

Yemen is a founding member of the Middle East and North Africa Financial Action Task Force (MINAFATF). Yemen is subject to mutual and periodic evaluation, and according to the forty recommendations of the Financial Action Task Force (FATF). Law No. 1 of 2010 was issued regarding combating money laundering and terrorist financing, which is in accordance with the forty recommendations, and was amended by Law No. 17 of 2013 to comply with the amendments of the forty recommendations, and on the same approach, the Central Bank of Yemen has issued and is issuing a set of instructions and controls in Anti-money laundering and terrorist financing

The commitment of Moftah Exchange and Remittances Company to the laws and instructions for the requirements of knowing your customer and combating money laundering and financing terrorism stems from the bank’s culture of promoting the values of transparency and integrity in all its activities, and for this purpose, the Board of Directors issued a “Statement of Principles for Combating Money Laundering and Financing of Terrorism”
This statement is an affirmation by MIFTAH of its commitment to achieving the highest level of transparency and compliance with the regulations, rules and guidelines applicable to combating and detecting money laundering operations and combating terrorist financing in accordance with the law and explanatory instructions issued by the Central Bank of Yemen and the Information Collection Unit.

Law No. 1 of 2010, which entered into force in January 2010 and its amendments promulgated by Law No. 17 of 2013, requires all financial institutions operating in the Republic of Yemen to have procedures for knowing your customer, combating money laundering and terrorist financing, and MIFTAH is committed to To exchange these laws, the company represented by the Compliance Department has developed written policies and procedures to combat money laundering activities, and the bank has established special units to monitor the implementation of the mentioned policies and procedures, and the company’s anti-money laundering policies cover the work procedures of all the company’s various departments and branches.

MIFTAH regularly conducts training programs on anti-money laundering procedures, systems and initiatives, know your customer principle and combating terrorist financing for all company employees and new employees. The company has a continuous training program according to the directed and targeted training method according to the nature of the job and the administrative level. Training on combating money laundering and terrorist financing and the principle of knowing your customer is a prerequisite for all jobs in the company. Among the training methods used in the company, a quarterly bulletin is issued on developments, developments and initiatives to combat money laundering and terrorist financing.

These procedures aim to protect the company and its valued customers from money laundering and terrorist financing operations, and to ensure that the company and its subsidiaries comply with the provisions of the Anti-Money Laundering and Terrorist Financing Law, the executive regulations and international recommendations issued by the Financial Action Task Force (FATF), and establish rules and best practices for the company to combat illegal activities and implement policies Procedures, systems and controls to detect and prevent money laundering and terrorist financing activities and report them, protect exchange companies and prevent their exploitation as channels for passing illegal operations and enhance confidence in the integrity and reputation of exchange companies.
The scope of application of these instructions includes all branches of the company in the Republic of Yemen, and the Board of Directors of Moftah Exchange Company is directly responsible for the existence and effectiveness of anti-money laundering and terrorist financing programs and the alignment of the company’s internal policies, procedures, controls and systems with the law, regulations and instructions of the Central Bank, and that it adequately takes into account all anti-money laundering requirements. Money laundering and terrorist financing, and the Board of Directors shall be the first supporter in applying the company’s employees to the measures to combat money laundering and terrorist financing.
In general, these procedures include the following issues:
1- Refrain from dealing or entering into banking relationships with persons of unknown identity or with fictitious or fictitious names (Know Your Customer).
2- Exerting due diligence/diligence on the process and the client when necessary, according to an assessment of the degree of risk (reasonable vigilance).
3- Effective identification and reporting of suspicious operations (notification).
4- Holding and keeping records and documents (the ability to reconstruct the operations carried out).
5- Adequate and continuous knowledge of the company’s officials and employees of AML/CFT requirements and procedures (continuous training).
6- Compliance monitoring and the ability to prove compliance.
7- Setting and developing programs (policies, procedures, internal systems) to combat money laundering and terrorist financing.
Take customer due diligence measures
It is making an effort to identify and verify the identity of the customer and the real beneficiary, continuous follow-up of the operations that take place within the framework of an ongoing relationship, and identifying the nature and purpose of the future relationship between the company and the customer.