Chairman 's speech

There is a big difference between yesterday and today, since the establishment of the SWAID Exchange in 1990, as an extension of the family of SWAID, which has been known  in the field of business in Yemen for decades. Today, SWAID Exchange Co. is one of the pillars of the capital market and exchange in Yemen with the same principles that we started with, which will be the basis of our dealings that will stay what we have stayed.  And as a part of this world we had to keep abreast of recent developments in the financial and banking field in particular, this what distinguishes us and makes us always at the forefront of the banking market in Yemen.

For being in the forefront as a biggest exchanges co. in Yemen, and due to the developments and challenges of today, the General Assembly has taken a brave decision in terms of governance of the company in accordance with the latest administrative  methods and instructions of the Central Bank of Yemen. And due to this decision, the Board of Directors has taken many necessary steps for implementation, as using Moore Stephens  Company , which is of the largest international consulting companies to restructure the company according to the latest methods and best practices to achieve real and effective governance, and a working style not less than the best companies in the region.

The Board of Directors sets priorities to upgrade the working methods and update all policies and objectives, and this was crystallize in the company's strategic plan 2018-2023. In this regard, the company has enlisted and attracted the best Yemeni Staff with a unique practical and administrative experience who currently handle the executive management of the company.

We, in the Board of Directors of the Swaid & Sons for Exchange Company, seek to provide a unique Yemeni model to be follow, and strongly believe that what we do in the development and modernization of the methods of work will be reflect positively in strengthening of our market position locally and regionally.

As a key for implementing all operations in the company. the Board of the company issued a statement of  combating  money laundering and terrorism financing , and paying a great attention  to the policy of combating money laundering and terrorism financing . Our company is committed to reviewing our anti-money laundering strategy and objectives continuously with keeping of an effective anti-money laundering program. As well as we are also committed to the highest standards of compliance with AML / CFT.

Despite the difficult circumstances of the country, we have been and still are at the challenge level. As we have contributed, continue to contribute to building a stable economy with supply and demand tools and in line with the trends of the global economy, and we will not forget our social responsibility through real programs that help Yemenis and sustainable development.

We hope that our services will reach every Yemeni locally and abroad. This stems from our belief that the Yemeni citizen is the real capital at home or abroad.

We grew up at our country and we are living   in country in good and bad.

Mohammed Luttf Swaid

Board of Directors Chairman

Executive Manager Speech

Swaid and Sons Exchange Company aspires to achieve leadership and continuity of excellence in the banking field, by providing the best financial and banking services, which is based on customer satisfaction in the local and foreign market, as we always aim to challenge temporal and spatial difficulties by achieving what we aspire to and continuing our mission in the best way. As our passion is to be in the front ranks in the banking field.

Our success stems from the satisfaction of our customers with our provided banking services, so we set clear and specific goals in mind, so the focus has been on qualifying and training human cadres at all administrative levels in the company. God willing.

Believing that technologies have become necessary and inevitable, the company has sought to use the latest advanced technologies and available programs, and we have worked to spread and expand to meet the needs of our valued customers in line with their aspirations for high-end and affordable services that facilitate their business and daily life.

; Every employee in the company strives to rise to the highest standards of professionalism in work and achievement, as it was able through that to develop expansion plans and implement them through continuous development work in order to provide the best types of services to its esteemed clients.

Not only that, the proper planning and the distinguished implementation of all production elements has been the main credit for the success of the company's business, as it provides the efficient human element and standing side by side with practical experiences is the most important policy pursued by the company in order to provide the best banking services..the combination of the two scientific methods And the practical, with the long experience of the company, made it achieve the high position in the banking market, which we strive to maintain and cannot be waived under any circumstances.

Executive Manager

Abdul Rahman Al-Ansi

• Adhering to the best standards and practices for corporate governance.
• Offering high quality financial and banking services.
• Meet the needs of the customer and satisfy satisfaction.
• Using advanced technology and increasing the efficiency of operations
• Create a wide and diverse network of local and international relations.
• Rehabilitation and continuous training of human resources and job satisfaction.
• Increase market share and enhance the competitive position of the company.
• Raising the rate of return for partners

• Trust and commitment.
• Respect confidentiality of customer information.
• Excellence in banking services.
• Creativity and development in the capacity of human resources
• Community responsibility.

1- Statement of the policy of combating money laundering, terrorist financing and fraud by Swaid & Sons for Exchange

Swaid & Sons for Exchange company is committed to implement all applicable laws and regulations related to combating money laundering and terrorist financing and fraud. The company supports the efforts of the Central Bank of the Republic of Yemen and all major international institutions and bodies in their fight against money laundering and terrorist financing.

The company affirms its commitment to implementing the relevant local laws and international legislation, represented in:

•          Law No. (1) concerning combating money laundering and terrorist financing and its amendments and all relevant national legislation.

•          Central Bank of Yemen Publications No. (1) and (2) of 2013.

•          Instructions and controls regulating remittances.

•          Financial Action Task Force (FATF) recommendations.

2-Declaration of compliance with the policy of combating money laundering and financing of terrorism.

We are keen at Swaid & Sons Exchange Company to ensure that all of our operations are in compliance with the law, as the company has applied all the laws and regulations in place locally and internationally in terms of combating money laundering and terrorist financing, through the activation of the anti-money laundering and terrorist financing program.

In general, the company's policies in combating money laundering and terrorist financing are aimed at establishing the highest standards of monitoring and controlling in line with the famous rule in the field of money exchange: (Know your customer). The company’s policies and regulations are subject to constant updating to keep abreast of the laws and regulations issued by the relevant authorities and institutions locally and internationally.

3- Appointment of Compliance Unit:

 The board of directors at Swaid and Sons for Exchange company has appointed a Compliance Unit certified and with experience in combating money laundering. Its mission is to coordinate and supervise the mechanisms of combating money laundering.

4-Know Your Customer

Swaid & Sons for Exchange Company has set several internal policies to combat money laundering and terrorist financing, which aim to ensure that all its procedures are practical and effective in order to accurately know the identity of its customers.

The company adopts an accurate customer identification system that complies with local and international laws and regulations.

All identity documents are subject to audit and then copies are taken. The validity of those identity documents and their actual validity period are also verified before they are approved.

•          Swaid & Sons foe Exchange company prohibits any relationships with fallacious institutions and do not enter into a relationship with fallacious institutions without the actual entity existence of the institution or company.

•          Swaid & Sons for Exchange Company prohibits dealing with unidentified persons.

•          Swaid & Sons for Exchange Company has a policy that covers relationships with politically exposed persons, their families and close associates. All customers, without exception, are fully subject to the Know Your Customer principle and enhanced due diligence procedures.

5-Precautionary Measures

It is a measure through which it is intended to collect all the details and data related to the customer in order to ensure that all his financial transactions fall within the framework of personal Actual obligations or professional requirements, and thus ensuring knowledge of the source and destination of the funds and thus the legitimacy of the purpose for which they are used, and preventing these funds from being part of money laundering or terrorist financing dealings.

6-Reinforcement of Precautionary Measures

Provision of precautionary measures and resorting to what is known as “Reinforcement of Precautionary Measures” is used upon need to take additional measures beside the basic precautionary measures, in order to know more details about the customer and to be certain that their financial dealings are sound and far from any suspicions or illegal activities.

Swaid & Sons for Exchange Company follows both types of measures: precautionary measures and reinforcement of precautionary measures in its operations to detect and report any potential money laundering or terrorist financing operation.

Swaid & Sons for Exchange also has an automated system for updating blacklists that is able to meet the requirements of blacklists.

7-Risk Management Based Approach

The risk management based approach falls under the recommendations of the international Financial Action Task Force  (FATF), Swaid & Sons for Exchange Company is working on implementing these recommendations noting that the precautionary measures should be based on real and justifiable risks in terms of geographical location, type of business activity, ownership, customer database, regulatory framework, controls for money laundering monitoring in institutions, bank remittances, or the nature of the businesses.

A risk management based approach helps financial institutions make the best use of their limited resources and prioritize detecting any potential money laundering transactions. The nature of the risk management approach program highlights the difference and variation in the level of risk in every business activity of financial institutions.

8-Training

Swaid & Sons for Exchange Company implements regular training programs on anti-money laundering measures and systems, the principle of know your customer and combating terrorist financing, for all company employees and the new employees. Swaid & Sons for Exchange Company has a continuous training program according to the targeted training method according to the nature of the job and the administrative level. Training on combating money laundering and terrorist financing and the principle of Know Your Customer is a prerequisite for all jobs in Swaid & Sons or Exchange Company.

9-Reporting Suspicious Transactions

Swaid & Sons for Exchange Company established a set of measures to help employees detect and report suspicious transactions. In case of suspicion about any remittance or financial transaction, the employee should be vigilant and report the Compliance Unit to take appropriate action as required by laws and instructions.

10-Record keeping

Swaid & Sons for Exchange Company is committed to keeping and retrieving documents, as this policy stipulates the necessity to keep records of customers' identities data, and records of their transactions, for a period of five years according to legislative requirements.

11- Consumer Fraud:

Consumer fraud is the potential or actual theft of money from a consumer through fraud, deception and manipulation

Swaid & Sons for Exchange Company established a set of measures to help employees detect and report suspicious transactions. In case of suspicion about any fraud, the employee should be alert and report the Compliance Unit in the company to take appropriate action as required by laws and instructions