Anti-Money Laundering AML

The negative economic effects of money laundering and terrorist financing on economic development are difficult to quantify

Yemen, as one of the Middle East and North Africa Region (MENAFATF) members, adheres to Anti-Money Laundering (AML) and Combating Terrorist Financing (CFT) recommendations.

Tadhamon International Islamic Bank (TIIB) duly incorporated and existing under License No. 313 dated 16/07/1996 under the supervision of the Central Bank of Yemen (CBY) which acts in accordance with regulations issued by the Law of Central bank of Yemen No. (21) of 1991 and the presidential Decree No. (36) of 1991.

Our Bank has established internal procedures and policies to detect, combat Money Laundering (ML) and Finance of Terrorism (FT) in accordance with the Yemeni Law no. (1) of 2010 on Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) which entered to force on Jan.1^st2010 in Yemen. This law, which came into effect following FATF Recommendations, has been amended by the Law no (17) of 2013 and the statutory duties resulting therefrom have been clarified by the corresponding guidelines issued by the Financial Information Unit (FIU) and Central Bank of Yemen.

Yemeni Banks are required by law to check regularly and document the identity of their customers. We have a written policy in place to meet the requirements imposed, which includes establishing and, ongoing basis, conducting customer due diligence (CDD) and maintaining records in accordance with applicable regulations.

TIIB carries out an on-going Anti-Money Laundering Training and Awareness Programme for appropriate personnel and we conduct an independent audit of the Programme. We have also implemented clear procedures to identify and report suspicious transactions and to confirm the legitimacy of the source and destination of larger transactions before processing them.

It is not part of our business to offer banking services to any bank incorporated in a jurisdiction in which it has no physical presence and which is unaffiliated with a regulated financial group (shell bank). We have a policy to ensure that we do not conduct transactions with or on behalf of shell banks through any of our accounts or products.

We do neither maintain relationships with banks that use payable-through-accounts nor do we keep such accounts in our own books. TIIB has a policy covering relationships with Politically Exposed Persons (PEPs), their family and close associates. Our Anti-Money Laundering Policy and Procedures are applicable to our domestic branches and to our subsidiaries abroad. Our Compliance Department is responsible for the observance of Anti-Money Laundering Requirements.

The mitigation of money laundering risks plays an important role in assisting the Central Bank of Yemen in achieving its objectives of preserving market confidence and promoting and maintaining the efficiency, transparency and integrity of the Yemenis financial sector. Also, it aims to deter criminals from using the products, services and network of  Tadhamon International Islamic Bank  for laundering the proceeds of their crimes.

In this respect, Tadhamon International Islamic Bank (TIIB) has created an independent Compliance Function having a formal status within the bank to give it the appropriate standing, authority and independence. The mission of the Compliance Function is to ensure that the Bank is complying with laws, regulations, rules, internal policies and procedures, and the code of conduct applicable to its banking activities. This typically includes specific areas such as the prevention of money laundering and terrorist financing.

TIIB is committed to fighting money laundering and combating terrorism financing by adopting and maintaining policies, procedures, systems and controls.

Also, we strongly believe that stringent “Know Your Customer” (KYC) measures have particular relevance to safety and due diligence in that they help to protect the Bank’s image by reducing the likelihood of becoming a vehicle for, or a victim of, financial crime and, as a result, suffer reputation damage.

It is responsible for ascertaining that concerned officers are complying with the procedure guide on the implementation of legal and regulatory requirements for fighting money laundering, review periodically the effectiveness of the procedures on fighting money laundering, propose amendments, and report the results of their compliance efforts.

Compliance Officers who reside in the branches have a reporting line to the branch manager but also have a reporting line through to the Compliance Department with regard to their compliance responsibilities. The Branch Compliance Officers are responsible for implementation of AML requirements in the branch, by verifying the completeness and accuracy of information in the context of customers’ identification, by monitoring transactions on accounts particularly cash transactions, transfers, and any other account-related operations, and by investigating and reporting any suspicious case to the Compliance Department.

Updating of Customers' Identification Information/ Due Diligence

TIIB is not only satisfied with customers' identification at the outset of the relationship, but this exercise extends over the lifetime of the relationship to ensure that its customers' identification records remain completely updated with all relevant identification elements and information throughout the business relationship. In this respect, TIIB examines and checks on a regular basis the validity and adequacy of the customer identification data and information it maintains.

In addition to minimizing the risk of a bank’s services being used for illicit activities, collecting and maintaining sufficient information on a customer’s identity allows the early detection and recognition of suspicious transactions/activities and protects the bank from possible fraud and the underlying risks on their financial robustness and reputation.

Training has long been recognized as a key element of an effective anti-money laundering (AML) compliance program, therefore, we believe that well-trained and vigilant staffs remain the first line of defense in monitoring transactions and identifying suspicious activities.

Our training program aims at educating staff on the latest developments in anti-money laundering and terrorist financing including the practical methods and trends used by criminals for this purpose.

Anti-Money Laundering & Terrorism Financing workshop – Phase 2

Sana’a ,Yemen- Central Bank Of Yemen - January 22-24, 2011

Bank Staff Training:

Supporting Docs:

• Bank License.
• TIIB Board of Directors List.
• TIIB Main Shareholders List.
• US Patriot Act Certification.
• TIIB AML Policy.
• AML Training Program 2016.
• Law No. 1/2010 on AML/CFT and its amendments by the Republican Decree No. 17/2013.
• TIIB FATCA/AML/CFT Questionnaire 2016.
• TIIB Standard Questionnaire 2016.
• TIIB Wolfsberg Questionnaire 2016.
• TIIB W-8BEN-E.

Please read these terms and conditions carefully. By accessing this website and any of its pages, you are strictly abided by terms and conditions explained below: 

1. Any information provided by our customers are being protected by the Bank security and secrecy standards
2. Access to Customer's information is not allowed except for Bank authorized staff who received the required training on how to get and deal properly with customer's information
3. We, TIIB, always work on watching our customers' information secrecy. We do not reveal customers' information to a third party unless prior notification to customer, prior agreement with customer or as required by the law.
4. We, TIIB, always strive to keep our customers' data complete, updated and accurate. We keep our customers acknowledged on how to access their accounts information and how to inform the Bank about errors/mistakes which we immediately fix except those prohibited by law.  

1. Bank system enables customer to get several services/products and executing transactions such as transferring money between  bank accounts   
2. For whatever reason, the Bank has the right to reject any registration or access process to Bank systems
3. The Bank is committed to execute all customer's instructions and bank transactions  that are compatible with the Bank work regulations, competent official authorities instructions and  banking customs
4. The Bank records all financial transaction executed by the customer through Internet Banking. The customer is fully responsible to abide all serviceusing commitments whether done with or without his/her knowledge.  After the customer authorization and without referring to him/her, the Bank deducts all financial commitment of using the Bank system via his account or any other accounts. The customer is committed to pay all charges and fees specified by the Bank against taking advantage of such services. These charges and fees could be modified by the Bank from times to another according to the Bank absolute  estimation.
5. The customer acknowledges he/she is personally responsible on using the Bank system according to assessed purposes and uses. The customer is responsible for any financial transactions executed by his/her or any person he/she authorizes to use his/her access information, user's ID and pin code. The customer is responsible to keep his/her personal data save and not revealing them to any person or any Bank employee. The customer acknowledges that his/her pin code is considered as his/her autograph whoever the service user is. The Bank never  affords any damages, losses or compensations resulted by non-compliance of the above mentioned. The customer is responsible on the validity, safety and regularity of all his/her transactions while using Bank services.
6. The customer acknowledges that the Bank, its subsidiaries and staff are not responsible for any damages, loses, financial claims or else resulted by use/misuse of user's ID or pin code. In order the Bank do the necessary, the customer is committed to notify the Bank in writing when he/she recognizes that his/her user's ID or pin code become known to others. The customer is responsible for all transactions and instructions conducted by him/her until receiving the Bank written notification. 
7. The customer is committed to fully keep the secrecy of all his/her data,  information, account transactions and any other data which could be reached, downloaded and stored in a PC or the web. Whether the Bank or customer is affected, the customer is responsible for any unauthorized use/misuse of the above mentioned and all direct or indirect  damages resulted by such use/misuse.
8. The bank has the full right to cancel all services at any time without customer further notification
9. The customer agrees to authorize the Bank to send all correspondence and notifications related to this service through e-mail or fax. The customer is committed to take all possible precautions to keep these correspondence secrecy and be responsible when breaching this commitment
10. The Bank exerts reasonable efforts to ensure providing and functioning Bank system services. The Bank is responsible for conducting and executing such services in accordance to user's instructions sent through the Bank system and actually received by the Bank. The Bank holds no responsibility, afford no damages/losses/compensations resulted by communication devices or lines defects/damages/malfunctions which may affect the accuracy or delivery timing of messages the user may send
11. Data and information delivered to the user by the Bank or any service-providing agent assigned by the Bank are trusted. The Bank provides such unguaranteed data and information exerting possible efforts to ensure user's comfort. Thus the Bank shall not responsible on these data and information accuracy, completion, availability, delivery timing or any other decision may be taken using such data and information. 
12. The Bank shall not be responsible for any security breaches, hacking , computer viruses or problems resulted by data provided by any information provider or user's PC.
13. The Bank has the right to modify these terms and conditions and notifying the customer with such modification(s). 

Over 20 Years
of Success

Vision:

 To Be Your Number One Choice for Banking

Mission:

To provide world class local and international Islamic banking services by TIIB’s unique and professional team through modern and up-to-date programs and technology that meet the demands of the times, while exceeding the expectations of our clients, shareholders, and employees, all in a socially responsible manner.

Strategic Goals:

• Providing the best Islamic finance and investment services and solutions.
• Building and developing a professional and experienced team and using the most advanced systems and technologies.
• Building strategic relationships with our clients and different financial institutions.
• Improving the society and increasing social responsibility in our work.
• Achieving the highest returns for our shareholders and clients. 

Values:

Excellence:

We exceed our client’s expectations, work to develop and enable our employees, run our operations in a standardized and streamlined manner, and add, through our excellence, value to our society.

Commitment:

We commit to dealing in integrity and transparency with our customers, providing justice and equal opportunities for our employees, accomplishing our goals according to Shariah rulings, and increasing awareness of Islamic finance in the society.

Responsibility:

We preserve our clients’ rights, protect and nurture our employees, operate with professionalism, and contribute to sustainably developing our society.

Team Spirit:

We share mutual respect and success with our clients, create teams that perform harmoniously with professionalism and ensure our continuing success, and provide a model that impacts and creates values in our society.

Innovation and Development:

We encourage and support our employees to use and build on their talents to create an environment of innovation that our clients can benefit from, provide inspired solutions, and contribute to foster growth in our society.

Communication:

We strive to build a strong partnership and lasting relationship with our clients with the spirit of one family, make communication a tool for complete coordination to ensure the efficient and smooth flow of our operations, and open our doors to interaction and integration with our society.

Founded
in 1996

The bank runs assets that are estimated by 502 billion YR that is approximately 2.006 billion US dollars. Its fixed capital is 20 billion Rials that is approximately 80 million US dollars.

TIIB  has experience that spans  over 20 years and has more than  700 employees. The bank has continuously worked on developing its services through its specialized staff highly qualified and at the same time maintain the essence of the Islamic values on which it was founded. In other words, the bank plays a key role in bridging the gap between the modern banking requirements and the essential values of Islamic banking legislation.

The bank does its best efforts to be Recognized by all stakeholders  as a remarkable Islamic bank. It Consider a leader in its activities to international financial markets, and above all, contribute effectively to supporting the national economy.

TIIB  is located in Sana'a the capital of the Republic of Yemen, having total of 24 branches spread over most Yemeni governorates, more than 150 ATM machines, and it has the largest customer base as well as having many companies owned by the bank such is Tadhamon Capital in Bahrain www.tadhamoncapital.com  Tadhamon Microfinance www.microtiib.com   and Tadhamon Real estate www.trecye.com   

The Sharia monitor

Technically he is the guard of someone or some people, so monitoring is watching and guarding

Technically he is the guard of someone or some people, so monitoring is watching and guarding 
Conventionally he is the monitor appointed by the bank after being approved by the Sharia board. 

He is the link between the bank's different administrations and the Sharia board. He is also in charge of the Sharia board secretariat along with the board's chairman. 

The board has the right to designate as many monitors as the implementation of the tasks entails.

The tasks of the Sharia monitor:

• Responding to the depositors, dealers, employees and stockholders queries.
• Sharia auditing for all the Islamic products that the bank offers, assuring their correspondence with Sharia and clarifying any disagreement.
• Reviewing the projects, conditions and rules of the new products documents before being presented to the Sharia board
• Submitting reports to the Sharia board and the bank's administration
• Presenting monthly reports to the Sharia board
• Participating in the training programs of the bank
• Documenting all decisions and fatwas of the Sharia board

 

The Islamic law panel

The bylaw of the board was approved since the launching of the bank to assure that the bank follows Sharia in its banking activities.

The hierarchy and the bylaw of the board was approved by the general assembly as an independent administration that work in harmony with the other administrations of the bank to achieve its strategy to be the pioneer in Islamic banking through carrying out the plans and policies that reflect the bank's commitment to offering high quality Islamic banking services. 

Rules and regulations of the board:

• All administrations of the bank must abide by the decisions of the Sharia board 
• All executive managements at all levels must abide by the decisions of the Sharia board 
• All the services of the bank are first approved by the Sharia board and then offered to customers 
• Any procedure that is in disagreement with any of the board's decisions is not allowed 
• Anyone disagrees with any of the board's decisions, disobeys any legal procedure, or offers a service without the approval of the board will be punished. 
• The board monitors, follows-up and executes the bank's transactions and activities to ensure that they are in line to Sharia through the Sharia department or any designated body. 
• The Sharia Board develops contracts and forms with the precepts of Sharia, applicable to all corporate transactions and deals at both local and international levels 
• the board creates an awareness among the public with regard to the Islamic banking and investing business 
• To ensure the proper implementation of the Sharia board decisions, the board issues manuals and guidelines for the bank activities.

Sharia board aims:

Supporting the bank's plans and policies to ensure its agreement with Sharia. 

Sharia board tasks:

• Reviewing the bank's dealings and activities and publishing what is needed accordingly .
• Controlling all the decisions based on these dealings and activities in the bank's local and international business. 
• Developing forms and contracts in the light of Sharia .
• Creating an awareness among the bank's personnel and the public regarding Islamic economy .
• Developing all means needed to carry out these tasks.

The Excellence Award in Financial Services and Financing International Trade in 2014

Tadhamon International Islamic Bank got the Excellence Award in Financial Services and Financing International Trade in 2014. Commerzbank, a German bank, gives this every year for innovation in this field.

Domestic Retail Bank of the Year - Yemen 

Tadhamon International Islamic Bank got Domestic Retail Bank of the Year - Yemen 2013.

Excellent Partnership in the Year 2013

Tadhamon International Islamic Bank got Excellent Partnership in the Year 2013.

The Excellence Award in Financial Services and Financing International Trade in 2013

Tadhamon International Islamic Bank got the Excellence Award in Financial Services and Financing International Trade in 2013. Commerzbank, a German bank, gives this every year for innovation in this field.

Commerzbank reiterated that this award was given to Tadhamon International Islamic Bank for its ability to find a balance and build an excellent and beneficial relationship with its partners outside the country, as well as its adherence to international standards in combating money laundering and terrorist financing.

This award comes in light of efforts from Tadhamon Bank and its effort to provide a good image of the situation in Yemen by holding meetings with numerous international financial institutions and giving them a summary of the developments and environment in Yemen in general, specifically the banking sector. The goal of these meetings was to remove the negative image that some banking institutions still have of Yemen.

It should be noted that Tadhamon International Islamic Bank has gotten a number of international awards that confirm its excellence and innovation in the different banking activities.

Commerzbank Award 2012

Commerzbank has awarded Tadhamon International Islamic Bank with the STP Award for its

Excellence in the delivery of payments.

Awarded Best domestic technology & operations bank

Tadhamon International Islamic Bank Awarded Best domestic technology & operations bank of the year by the Asian Banking and Finance Retail Banking Awards 2012

We are proud to announce that we won the Yemen Domestic Technology & Operation Bank of the Year, and Yemen Domestic Foreign Exchange Bank of the Year Awards by the Asian Banking and Finance Retail Banking Awards 2012

For several years, Asian Banking and Finance Magazine (ABF) has been recognizing the best performances of various banking and finance institutions around Asia. Judges identify banking and financial service activities, technologies, services and people that significantly enhance the banking and finance sector in Asia.