The Public Funds Court of First Instance in the capital, Aden, today, Monday, convicted the International Bank of Yemen of not complying with the provisions of the Anti-Money Laundering and Combating the Financing of Terrorism Law.

It ruled to convict the bank after it was proven that it had not followed the legal measures stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law, and had not provided the financial information collection unit at the Central Bank with the required data.

The case papers revealed the absence of a compliance unit to monitor the implementation of the Anti-Money Laundering and Combating the Financing of Terrorism law at the bank, as the court fined it 10 million riyals, for the benefit of the public treasury.

The ruling obligated the bank to provide the information collection unit at the Central Bank with the required information specified in the list of requests submitted to it on 5/31/2022 within one month of the ruling being pronounced.