TIIB Exclusive

Today Monday, 28/03/2016, TIIB organized First Forum for the Introduction of International Services and anti-money laundering actions, which TIIB presents to its customers within the Bank's plans to enhance their skills and make them gain knowledge about the international requirements for controls and standards to combat money laundering.

The Forum is held by the Bank Head Office and Branches key customers at the Capital Sana'a under the Title "Banks and Financial Firms have to take measures to establish compliance with the international regulations, standards and requirements to combat money laundering.

The event documents indicates the chief interest of TIIB, as the foremost  bank in Yemen, in  confirming its commitment to international standards and controls determined to prevent the use of the global financial system in suspicious trading operations.

Many of TIIB clients, Central Bank of Yemen representatives and Yemeni Bankers Association attended the Forum.

Mr. Ghassan Shamsan, Assistant General Manager, indicated the bank's enthusiasm to provide advice to its customers within a package specialized in banking operations, accounts and remittances to achieve the highest standards of performance and quality in the banking business according to Bank applicable rules and regulations.

On his part, the Central Bank representative stressed that tampering the documents or data may expose the client to security prosecution to add his/ her name to the blacklists. He also noted that sending or receiving remittances from people, with no relatives or business relationship with a customer, might jeopardize them.

Mr. Muaz Al-Sayed, TIIB Compliance Unit Manager, explained the US Foreign Accounts Tax Compliance Act (FATCA) and what TIIB and its Branches have to do in this connection for reporting the tax evasion cases attributed to US subjects, how to tackle the matter and respective forms received.

The purpose of TIIB-presented advice is to enhance the clients' financial transparency, since the disclosure of real information on the banking transaction enhances the continuity of the bank dealing with customers and eliminates the suspected cases which may evolve with financial firms negotiating the transaction you require.

TIIB states combating money laundering got high priority in terms of the concern in the risk that threaten the global economy in general and the Yemeni in particular.