Central Aden intends to launch the unified network of funds on the 10th of June
English - Monday 05 June 2023 الساعة 04:19 pm
Aden, NewsYemen, exclusive:
A banking source said that the Undersecretary of the Central Bank of Yemen for the banking supervision sector, Mansour Rajeh, informed the banks and exchange companies, in a meeting last week, that the unified network of funds will be launched on the tenth of June.
The Unified Network of Funds is a Yemeni joint stock company, with a capital of five billion riyals, and its constituent assembly included 47 founders representing 47 exchange companies from the largest exchange companies in Yemen.
The unified network of remittances was established to unify the activities of the multiple networks in one channel, to limit the use of the current remittance networks in harming the national economy.
The Anti-Money Laundering Information Unit of the Central Bank of Yemen estimates that there are more than 10,000 remittance facilities in Yemen, which prompted the central bank to take strict measures against remittance networks in accordance with the regulations of the Financial Action Task Force.
Last January, the Central Bank issued a circular to exchange companies and facilities, obligating them to register and link with the unified network of funds, and to register agents in the money transfer system before the end of January 2023, stressing that fines will be imposed on those who are late.
