The Central Bank of Yemen warns against keeping deposits with exchange companies and threatens unlicensed entities

The Central Bank of Yemen in the interim capital, Aden, warned, on Sunday, individual citizens and merchants, as well as companies, institutions and various entities, against keeping any type of bank deposits with exchange companies and institutions.

The bank explained in a warning statement that the activities of licensed exchange companies and institutions are limited to buying and selling foreign currencies and practicing money transfers only, which are the activities stipulated in the annual license card issued by the Central Bank, which must be displayed to the public in a prominent place at the headquarters of the activity.

The statement stressed that according to the financial and banking laws and legislation in force, banks licensed by the Central Bank of all types (commercial banks, Islamic banks, microfinance banks).

He explained that these banking institutions are licensed and authorized to open and maintain bank accounts and investment deposits, in which the public can deposit their money.

The Central Bank warned all citizens not to expose their money and savings to loss and financial fraud, by falling into the trap of violating and unlicensed entities and parties.

He stressed that dealing with these entities constitutes a violation of the requirements of the provisions of the Anti-Money Laundering and Terrorism Financing Law and its executive regulations, which exposes the person who violates these provisions to legal penalties.

The Central Bank stressed to citizens the importance of verifying the activity license issued by the competent regulatory authorities, before dealing with any financial or banking entity or institution, as well as ensuring that the services provided by that institution are licensed to provide by the supervisory and regulatory authorities.

The Central Bank concluded its statement by stressing that it will take all strict legal and punitive measures against violating and unlicensed entities.