Saba Islamic Bank is committed to the requirements of Law No. (1) of 2010 amending the provisions of Law No. (17) of 2013 and its implementing regulations, as well as the instructions of the Central Bank of Yemen regarding combating money laundering and financing of terrorism in addition to compliance with the recommendations of the Financial Action Task Force (FATF), the principles of (Wolfsberg) and the requirements of Basel Committee (Know Your Customer).
The commitment of Saba Islamic Bank to the laws and instructions related to combating money laundering and terrorist financing, the recommendations of the Financial Action Task Force (FATF), the (Wolfsberg) principles and the requirements of the Basel Committee (Know Your Customer) stems from the culture of the bank’s board of directors, which adopted the due diligence procedures guide and the anti-laundering policy guide Funds and terrorist financing. The Board of Directors of Saba Islamic Bank, represented by Mr. Muhammad Al-Amari, Chairman of the Board of Directors, is keen to implement the highest level of transparency and adherence to the regulations, rules and guidelines applied to combating money laundering and terrorist financing in accordance with the law and explanatory instructions issued by the Yemeni government and the Central Bank of Yemen, instructions and recommendations issued by international organizations in addition to The senior management of Saba Islamic Bank is keen for the bank’s internal auditors to examine the adequacy of AML / CFT policies and procedures and their application within the bank, in addition to the role of the external auditor for reviewing the AML / CFT regulations.
In this regard, Saba Islamic Bank has adopted and applied internal policies and procedures to combat money laundering and terrorist financing risks to ensure compliance with the requirements of the local and international regulatory bodies referred to above.
Saba Islamic Bank applies reasonable measures to prohibit the following:
Dealing with persons, banks or shell institutions
Opening accounts with fake or digital names
Saba Islamic Bank applies reasonable measures to obtain information that reveals the true identity of customers in order to ensure that their activities are legitimate.
Saba Islamic Bank has established written policies and procedures for reporting unusual suspicious transactions at the bank, and the bank reports any suspicious activities to the Financial Information Collection Unit of the Central Bank of Yemen.
Saba Islamic Bank maintains customer data, correspondence and their files for at least ten years from the date of completing the transaction or closing the account.
Saba Islamic Bank uses an assistant system in combating money laundering and terrorist financing and applying the principle of Know Your Customer, which was developed internally by the Systems Development Department with the help of the Bank's compliance department, based on relevant local and international laws and regulations. The assistant system works effectively in detecting suspicious transactions - and monitoring high risk accounts. It also mitigates clients' risks. The Compliance Department is keen to participate in anti-money laundering and terrorist financing activities in conjunction with other Yemeni banks and is a member of the Yemeni Compliance Committee, which holds regular meetings under the supervision of the Yemeni Banks Association. The department also implements training programs on anti-money laundering and terrorist financing procedures and systems for all bank employees, including new employees.