Know Your Customer (KYC) Regulations in Sudan: Bank of Khartoum Complies with International Standards
The Bank of Khartoum has implemented comprehensive Know Your Customer (KYC) regulations to combat money laundering and financing terrorism, conforming to international standards set by the Central Bank of Sudan and global anti-money laundering (AML) guidelines.
Bank’s AML/CFT Program
The bank’s AML/CFT program is designed to prevent and detect suspicious transactions, ensuring compliance with local and international laws. The program consists of several key components:
- Policies and Procedures: Clear policies and procedures for implementing the AML/CFT program.
- Risk Assessment: Evaluating ML/FT risk based on customers, geographical distribution, products and services, and channels of delivering.
- Customer Acceptance Policy: Only accepting identifiable customers who meet specific criteria for minimum acceptance.
- KYC and Due Diligence: Performing due diligence based on customer categorization according to perceived risk.
- Transaction Monitoring: Automated monitoring systems detect unusual transactions, including funds transfers locally or internationally.
- Suspicious Transaction Reporting: Procedures for reporting suspicious transactions, with a legal obligation on all staff members to report any suspicious activities.
- Staff Competence Education and Training: Ongoing training and awareness programs to ensure employees are aware of the bank’s policies and procedures regarding AML/CFT.
Risk Assessment Approach
The Bank’s Risk Assessment approach evaluates ML/FT risk based on:
- Customers
- Geographical distribution
- Products and services
- Channels of delivering
The assessment is reviewed twice a year to determine whether any adjustments should be made to the risk rating.
Implementation and Compliance
The Bank has implemented procedures for reporting suspicious transactions, with a legal obligation on all staff members to report any suspicious activities. The Compliance Officer examines received reports and submits formal disclosure reports to the relevant authorities.
To ensure compliance, the Bank provides ongoing training and awareness programs to employees, ensuring they are aware of the bank’s policies and procedures regarding AML/CFT.
Record Keeping
All customer identification and transaction documents, risk assessment documents, suspicious transactions reports, and training records must be kept for at least five years from the transaction date.
Conclusion
By implementing these measures, Bank of Khartoum demonstrates its commitment to adhering to international standards and best practices in AML/CFT, ensuring a secure and reliable financial system for its customers.