SANA'A June 06. 2023 (Saba)- The Central Bank of Yemen issued a circular to exchange companies and facilities regarding the waste that results in the revocation of the license to practice exchange business, as follows:
Based on the provisions of Law No. (19) of 2005 AD regarding the regulation of exchange business and its amendments, Law No. (1) of 2010 AD regarding combating money laundering and terrorist financing and its executive regulations, and Circular No. (6) of 2021 AD regarding the regulatory instructions for money transfers through the exchange sector.
Accordingly, the exchange business license granted to any exchange company/facility will be revoked if it commits any of the following violations:
Sending an individual transfer, a collective payment transfer, or an outgoing external transfer, in which the name of the sender of the transfer is different from the name of the customer who requested the company/establishment to send the transfer.
1-Sending an individual transfer, a collective payment transfer, or an outgoing external transfer, in which the name of the sender of the transfer is different from the name of the customer who requested the company/establishment to send the transfer.
2-Withdrawal or payment of a transfer to a customer who is not the beneficiary named in the transfer. Exchange companies operating local money transfer networks are responsible for informing the Banking Control Sector and the Financial Information Collection Unit of any exchange company/establishment that commits this violation.
3-Working in more than one ATM system for the exchange company/establishment, or carrying out financial operations outside the automated teller system of the company/establishment.
4-Issuing bonds, notices or financial reports that do not bear the name of the licensed company/establishment.
5-The exchange company - or any of its branches - or the exchange facility, conducts exchange business in a location in which it is not licensed to operate.
J.A
Based on the provisions of Law No. (19) of 2005 AD regarding the regulation of exchange business and its amendments, Law No. (1) of 2010 AD regarding combating money laundering and terrorist financing and its executive regulations, and Circular No. (6) of 2021 AD regarding the regulatory instructions for money transfers through the exchange sector.
Accordingly, the exchange business license granted to any exchange company/facility will be revoked if it commits any of the following violations:
Sending an individual transfer, a collective payment transfer, or an outgoing external transfer, in which the name of the sender of the transfer is different from the name of the customer who requested the company/establishment to send the transfer.
1-Sending an individual transfer, a collective payment transfer, or an outgoing external transfer, in which the name of the sender of the transfer is different from the name of the customer who requested the company/establishment to send the transfer.
2-Withdrawal or payment of a transfer to a customer who is not the beneficiary named in the transfer. Exchange companies operating local money transfer networks are responsible for informing the Banking Control Sector and the Financial Information Collection Unit of any exchange company/establishment that commits this violation.
3-Working in more than one ATM system for the exchange company/establishment, or carrying out financial operations outside the automated teller system of the company/establishment.
4-Issuing bonds, notices or financial reports that do not bear the name of the licensed company/establishment.
5-The exchange company - or any of its branches - or the exchange facility, conducts exchange business in a location in which it is not licensed to operate.
J.A
resource : saba
