The Central Bank of Yemen in Aden has suspended the licenses of five money exchange and remittance companies, ordering the closure of their premises due to violations of banking laws and regulations. The move is part of ongoing regulatory campaigns targeting the exchange sector.
The Governor of the Central Bank of Yemen, Ahmed Ahmed Ghaleb, issued a decision to revoke the licenses of Abu Sand Al-Furawi and Sons Exchange Company, Alaa Express, Al-Fajr Express, Real Express, and Shahara for Exchange and Remittances.
The bank stated that the decision was based on violations identified by the Banking Supervision Department during field inspections. These actions are aimed at reinforcing compliance with regulations governing banking activities and implementing requirements for combating money laundering and terrorist financing.
This decision follows a series of regulatory campaigns conducted by the Central Bank in recent months, which resulted in the closure of over 110 exchange companies and facilities. These efforts are intended to curb financial irregularities, regulate the sector's activities, and safeguard cash transactions.
