Yemen Monitor/Newsroom:
The Central Bank of Yemen called on citizens, merchants, and companies, on Sunday, not to keep their bank deposits with exchange companies, stressing that these companies are not licensed to conduct such activities.
The bank said in a warning statement that the activities of exchange companies approved by the Central Bank are limited to buying and selling foreign currencies and conducting financial transfers only.
It explained that the permitted activities for companies must be specified in the annual license card issued by the bank, which should be displayed in a prominent place at the business premises.
The bank pointed out that commercial and Islamic banks and microfinance banks are the only banking institutions authorized to open bank accounts and investment deposits, calling on citizens to deposit their money with them to avoid risks.
The bank also warned against dealing with unlicensed entities, noting that this exposes individuals to financial risks and violates laws related to combating money laundering and terrorist financing.
It stressed the importance of ensuring that financial institutions have the necessary licenses from the competent regulatory authorities.
At the end of the statement, the Central Bank affirmed that it would take all strict legal measures against any violating entities.
