The function of compliance is mainly assimilated to identify, evaluate, advise, monitor, and set up reports of bank’s non-compliance risks that may cause regulatory or administrative penalties, financial loses, and bank’s reputation defacement as a result of its failure to comply with regulatory rules and controls or the failure to conduct professional behaviour norms and sound practices.
Accordingly, the Bank has issued the policies and procedures that governing compliance work:
Compliance with regulations, standards and regulatory instructions is one of the most important factors for the success of our financial institutions that maintain the reputation, credibility and the interests of shareholders and depositors as well as protecting from any regulatory sanctions.
The standards of trust and integrity are considered the top priority in the relationship between the Bank and its clients.
Also, trust, integrity and transparency are measured as the most important pillars on which the Bank builds its reputation among its customers and entities that deal with.
As well, the protection of this reputation in all activities carried out by the Bank is a well-established feature in the minds of the Bank's managers and employees in accordance with the rules and regulations governing the activities of the Bank, and the Bank's Code of Ethics and Conduct which contains the standards, rules and customs that govern the conduct of employees in their daily duties either with each other or with the clients of the bank i.e. natural or prestigious persons from entities and administrative sectors both inside and outside the Republic of Yemen. Bank's Code of Ethics and Conduct derives its source of power from the values and moral principles it contains, as well as from the laws, functional legislations, professional charters, and banking customs that control the work principles of banking sector.
And in order to face the large increase in laws, rules and regulatory instructions as well as to ensure the success of the compliance monitoring program, the Bank is carefully raising awareness and guiding employees in terms of new updates according to their specialization, in addition to providing them with the necessary training and strengthening the principle of commitment among them as it is one of the pillars of accountability.
In addition to complying with other regulatory requirements based on corporate governance, binding policies and procedures, ethics standards and professional charters that applies on the rules of AML / CFT in accordance with local and international laws and regulations that has been translated into our Bank’s policy, the compliance program principles includes:
The Bank has also developed a comprehensive program of AML / CFT issues, including but not limited to:
This is aimed at protecting the Bank from money laundering and terrorist financing operations and preventing its exploitation as a channel for passing suspicious transactions or any other illegal activities, as well as enhancing the integrity of the banking sector and protecting its reputation to ensure the safety of its customers.
The following is a review of some of the key elements covered by the Bank's anti-money laundering and terrorist financing policy: