Aden.. The Central Bank announces freezing the assets and funds of five exchange companies (names)

The Central Bank of Yemen, headquartered in Aden, announced on Wednesday the freezing of the assets and funds of five exchange companies, in implementation of a decision by the Public Funds Prosecution; and their lack of licenses to practice the profession from the bank.

This came in a memorandum, a copy of which was obtained by "Yemeni Youth Net", issued by the Deputy Governor of the Bank for Banking Supervision Sector, Mansour Rajih, to exchange companies and establishments, remittance agents, and the unified network for financial transfers.

The circular stipulated freezing all assets, funds and balances of all accounts associated with the unlicensed entities, which are:
1- Al-Hatar Exchange and any entity affiliated with it (network or other)
2- Al-Muhaib Exchange and any entity affiliated with it (network or other)
3- Al Barq Exchange and any entity affiliated with it (network or other)
4- Al-Badani Exchange and any entity affiliated with it (network or other)
5- Adel Al-Badji Exchange and any entity affiliated with it (network or other)

The bank requested exchange companies, establishments, remittance agents, and the unified network for financial transfers to quickly send all detailed statements for all accounts linked to the aforementioned entities within three days from this date.

The bank warned against dealing with or owning any entities or money transfer networks that practice the profession of money exchange without a license issued by the Central Bank, headquartered in Aden.

He pointed out that this procedure was carried out based on the memorandum of the Second Primary Public Funds Prosecution dated September 8, 2024 regarding the investigation into Criminal Case No. (23) of 2024, in which a group of entities are accused of practicing the money exchange profession without a license issued by the Central Bank of Aden.