Commitment Policy
We are compliant with anti-money laundering laws and have our own compliance unit
Al-Montab Bros for Exchange and Remittance Company works to achieve full compliance with all laws, regulations, supervisory instructions and banking legislation issued in the Republic of Yemen in the field of anti-money laundering and terrorist financing issued by the Central Bank of Yemen, including Law No. (1) of 2010 regarding anti-money laundering and terrorist financing.
Al- Montab Bros for Exchange and Remittance Company is also committed to implementing the recommendations of the Financial Action Task Force (FATF) as well as the instructions of the Basel Committee on Banking Supervision related to anti-money laundering and terrorist financing.
Al-Montab Bros for Exchange and Transfer Company has prepared its own program to combat money laundering and terrorist financing, which includes several main elements such as the presence of appropriate, clear and written policies, procedures and internal controls for the proper application of the law and the executive regulations and supervisory instructions issued related to combating money laundering and terrorist financing operations and working to update them in accordance with local Regional and international developments. And the company seeks to use a modern automated system to monitor operations, in addition to that the company has appropriate and specialized training and awareness programs for its employees.
The company is also committed to aligning all of the company's internal policies, controls, procedures and systems with the Anti-Money Laundering and Terrorist Financing Law, its executive regulations and supervisory instructions.
The company is committed to managing combat money laundering and terrorist financing operations in accordance with an approach based on combating risks at all stages of its dealings with its clients, in accordance with the requirements of the law, the executive regulations, regulatory instructions, and best international practices in this field.
And the company is also committed to applying the know-your-customer principle and adopting a method based on measuring the degree of risk when carrying out due diligence procedures on all relationships and businesses, and strengthening those procedures on relationships and businesses with high risks, such as the relationships of Money transfer companies and the persons who exposed to politics or international security.
And In application of the sanctions issued by the decisions of the Central Bank of Yemen towards certain individuals or entities, the company reviews all the activities and businesses of those certain individuals or entities in those governorates, such as trade financing operations and outgoing and incoming transfers. The company also examines the names of the sanctioned individuals and entities and takes the necessary measures to stop or prohibit dealing with all of those entities.
To achieve this policy, the company is committed to using modern and advanced automated systems to monitor customer relations and suspicious financial transactions and examine the names and countries of the parties to to know the relationships between the parties to ensure that they are not included on local or international ban lists. The system contain multiple indicators that ensure the monitoring of all types of suspicious operations, and thus immediately report those operations in accordance with the approved reporting policy and procedures.
Al- Montab Bros for Exchange and Remittance Company has an official policy for retaining and retrieving documents as this policy stipulates the need to maintain records of customers’ identity data, their account data and records of their operations, in accordance with the laws and instructions in the Republic of Yemen, which is five years.
Al- Montab Bros for Exchange and Remittance Company provides all relevant employees, including senior management employees, with the appropriate training and necessary awareness with the aim of enhancing employee awareness and increasing their ability to know the concept of money laundering and its relationship to criminal activities. The training programs are continuously updated to ensure that they meet the requirements of the Central Bank of Yemen, the Financial Information Collection Unit, and the recommendations of the Financial Action Task Force (FATF), the Basel Committee, international regulations, and actions and recommendations related to anti-money laundering and terrorist financing.
The company also adopts an effective mechanism for the internal and external reporting process in any time a suspected operation related to money laundering or terrorist financing is detected.
For all incoming and outgoing money transfers, Al-Montab Bros for Exchange and Transfer Company identifies the applicant and the names and addresses of the beneficiaries of the transfers, in addition to the purpose of the money transfer as necessary. The company adheres to the laws, regulations and supervisory instructions issued by the Central Bank of Yemen regarding oversight of money transfers.
Al-Montab Bros for Exchange and Remittance Company also participates in anti-money laundering activities and events in conjunction with other exchange companies operating in the Republic of Yemen, and the company is an active member of the Yemeni Exchangers Association, which holds regular meetings under the supervision of the Central Bank of Yemen.