Anti-money Laundering Policy

 Yemen Commercial Bank was established in 1993 as a closed joint stock company subject to the provisions of the Banking Law No. 31/1991 and is subject to the supervision of the Central Bank of Yemen.

 This policy sets the minimum standards that the Yemen Commercial Bank adheres to in the area of ​​combating money laundering and terrorist financing, and in all areas of work the Yemen Commercial Bank is subject to all requirements for combating money laundering and terrorist financing and the laws, regulations, and control instructions issued in this field in accordance with established best practices It can fulfill all regulatory and legal requirements and protect the bank's reputation and resources.

This policy was adopted by the members of the Board of Directors, knowing that it is in accordance with the national laws and instructions issued by the Central Bank of Yemen and the international recommendations issued by the Financial Action Group FATF.

 In line with the periodic publications issued by the Central Bank, "Banking Supervision Sector A", periodic publication No. 1/2012 and periodic publication No. 2/2012, the Yemen Commercial Bank is committed to the following:

 Establish customer identification and business policies and procedures in line with due diligence and know your customer policy.

 Appointment of a person who performs the duties and work of the Anti-Money Laundering and Terrorist Financing Officer and supervises the bank's compliance program.

 Develop an automated system according to the risk-based approach to identify and monitor suspected operations.

Ongoing training of staff on verification and reporting procedures for suspicious operations.

 Informing employees of their duties defined by the law towards operations that include suspicion of money laundering and terrorist financing, and their legal responsibilities in the event of non-compliance with them.

 Conducting a continuous training program for all front-line employees in the bank.

Establishing procedures for keeping records that ensure keeping clients' identity and financial transactions

All employees of the Yemen Commercial Bank, including members of the Board of Directors and the Executive Management, are responsible for implementing this policy, and in particular, all are responsible for doing the following:

First: Anti-money laundering and terrorist financing policies, procedures and applications
1. All documents related to banking operations must be kept for a period of at least five years after the completion of the implementation process.
2. In addition to the time inspection tours implemented by the Central Bank of Yemen, the Yemen Commercial Bank is subject to review by external auditors to ensure its compliance with the laws and laws of money laundering financing terrorism.
3. The Commercial Bank does not establish any commercial relations with banks that do not have an actual physical presence subject to a judicial authority in those countries that have been licensed, such as (placebo bank).

4. The Bank has policies that include the relationship with persons who are politically exposed by virtue of their position, their families and their close aides

Compliance Department:
• The bank has a commitment department responsible for combating money laundering and terrorist financing at the level of public administration and branches.
Compliance Manager:
1.The Yemen Commercial Bank has appointed the Director of Compliance and Vice President of the Central Bank of Yemen
2. The Yemeni Commercial Bank used the best criteria when appointing the compliance officer, wholesale, integrity, honesty, good reputation and high professional level "in the public administration, as liaison officers were appointed at the branch level.