Barran Press
MoneyGram, a leading international money transfer company, announced its commitment to a decision by the Yemeni Central Bank, based in the temporary capital of Aden. The company confirmed its adherence to the decision on Saturday, June 1st, 2024.
According to the official Yemeni News Agency (Saba), MoneyGram has instructed its branches and agents in Yemen to obtain a "no objection certificate" from the Central Bank in Aden by June 4th, 2024.
The company has also mandated that new agents must secure a "no objection certificate" before applying for MoneyGram's banking services. This certificate must be included with the application, as per the agency.
MoneyGram, headquartered in the United States, is a subsidiary of Madison Dearborn Partners and operates a contact center in Lakewood, Colorado. The company has regional offices worldwide.
On May 30th, the Yemeni Central Bank in Aden issued a decision to suspend the operations of six Yemeni banks and financial institutions after they failed to relocate their headquarters to Aden within the 60-day deadline. The affected institutions are the Bank of Solidarity, Yemen Kuwait Bank, Yemen and Bahrain Comprehensive Bank, Bank of Hope for Microfinance, Al-Kureimi Bank for Islamic Microfinance, and Yemen International Bank.
In early April, the Yemeni Central Bank in Aden issued a directive requiring all commercial banks, Islamic banks, and microfinance banks to relocate their headquarters from Sana'a to Aden within 60 days.
The Central Bank, recognized by the internationally recognized Yemeni government, has threatened legal action against banks that fail to comply with the decision, citing the Anti-Money Laundering and Terrorist Financing Law and its implementing regulations.