The purpose of Al Kuraimi Islamic Microfinance Bank’s AML/CFT policy is to establish the general framework of Anti-Money Laundering and combating financial terrorism, corruption and other financial crimes. Successful participation in this fighting by the financial sector requires an unprecedented degree of global cooperation between governments and financial institutions.

 

The purpose of Al Kuraimi Islamic Microfinance Bank’s AML/CFT policy is to establish the general framework of Anti-Money Laundering and combating financial terrorism, corruption and other financial crimes. Successful participation in this fighting by the financial sector requires an unprecedented degree of global cooperation between governments and financial institutions.

Al Kuraimi Islamic Microfinance Bank is committed to reviewing

Its AML/CFT strategies and objectives on an ongoing basis and to maintaining an effective AML/CFT program.

We are committed to high standards of AML/CFT  compliance and our management and employees adhere to these standards in preventing the use of our products and services in any AML/CFT  activity.

Adherence to this policy is fundamental for ensuring that all of our branches, regardless of geographic location, comply with AML/CFTlegislation.

Al Kuraimi Islamic Microfinance Bank strives to comply fully with Republic of Yemen AML/CFT  Law, subsequent bylaws, Central Bank of Yemen (CBY)   AML / CFT Guidelines and Financial Crime Module. We confirm our commitment towards applying all local and international standards such as  the FATF Recommendations and the Basel Committee on Banking Supervision (Basel Committee) Guidelines in so far as they relate to AML/CFT.

Al Kuraimi Islamic Microfinance Bank has an AML/CFT program , which includes a number of principal elements such as the existence of policies, procedures and appropriate internal controls, enabling the sound application and implementation of the Law, Executive Regulations and Supervisory Instructions associated with AML/CFT, as well as updating them pursuant to local, regional and international requirements. The Bank strives to apply a modern automatic system for the supervision of transactions and suitable and specialized training and awareness programs.  Furthermore, the Bank ensures that all policies, controls, procedures and internal systems are in congruence and are compatible with the AML/CFT Laws, its Executive Regulations , Supervisory instructions and international best practices. 

The Bank manages AML/CFT operations based on the Risk -Based Approach in all stages of its relationship with its customers, in accordance with the requirements of the Laws, the Executive Regulations, supervisory instructions and international best practices. 

The Bank complies   with the principle of “Know Your Customer” (KYC) and applies  the “Risk Based Approach” in conducting the Customer Due Diligence “CDD” measures, in addition to strengthening those measures with the Enhanced Due Diligence “EDD” concerning high risk relationships and businesses such as politically exposed persons “PEP’s”.

The Bank applies automated systems to monitor the relationship of customers and suspicious financial transactions and scan the names and countries of customers to ensure they are not included in the local or international black lists. Furthermore, the system includes numerous indicators ensuring the supervision of all kinds of suspicious transactions, finally enabling the immediate reporting of those transactions, pursuant to the authorized reporting policy and measures.

Al Kuraimi Islamic Microfinance Bank has an official policy related to the  recordkeeping ,archiving and retrieval  of documents and records which is in line with the prevailing laws  and instructions  of the Republic of Yemen  which requires the recordkeeping  of  customer identification , account and transaction data records be kept for a period not less than five years.

Al Kuraimi Islamic Microfinance Bank provides all concerned employees including top management with appropriate training and essential awareness, to enhance their knowledge and increase their ability to understand and appreciate the concept of money laundering and its connection with criminal activities.  Training programs are updated on a continuous basis to ensure their meeting the requirements of Central Bank of Yemen, Financial Information Unit, FATF and Basle Committee Recommendations, international regulations, businesses and AML/CFT recommendations.

The Bank adopts an effective mechanism for internal and external reporting at any time an AML/CFT suspicious transaction is detected or discovered.

With regard to remittances issued or received, the bank complies with the rules and regulations prevailing in this regard, as it works to define the party requesting the issuance of the transfer, the purpose  and beneficiary of the transfer by , examine the full address in addition to requesting  any  supporting documents .

Al Kuraimi Islamic Microfinance Bank participates in AML /CFT activities held jointly with other banks operating in the Republic of Yemen.  The Bank is an active member in the Yemeni Banks Association, which holds regular meetings under the auspices of the Central bank of Yemen.