Bank of Khartoum Committed to Combating Money Laundering and Financing Terrorism
The Bank of Khartoum has reaffirmed its commitment to combating money laundering and financing terrorism, in accordance with the Central Bank of Sudan’s (CBO S) regulations and international standards.
Effective Anti-Money Laundering and Combating the Financing of Terrorism Program
The bank has developed a comprehensive Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) program, comprising several key components:
- AML/CFT policies and procedures
- Risk assessment
- Customer acceptance policy
- Know-Your-Customer (KYC) and due diligence requirements
- Transaction monitoring
- Suspicious transaction reporting
- Staff education and training programs
- Record keeping
Board of Directors Approval and Senior Management Oversight
The bank’s Board of Directors has approved its AML/CFT manual, outlining the roles and responsibilities of various units in implementing the program. The Senior Management team is responsible for ensuring day-to-day compliance with anti-money laundering obligations within operational areas.
Internal Audit and Risk Assessment
Internal audit ensures that all employees are following the bank’s policies and procedures regarding anti-money laundering operations and assessing compliance, adequacy of controls, and adherence to policies and procedures. The bank has also developed an internal risk assessment approach to enhance controls over high-risk areas and evaluate the adequacy of existing controls.
Customer Acceptance and Due Diligence
Only identifiable customers who meet specific criteria are acceptable to establish relationships with the bank and carry out business transactions. The bank applies the current Central Bank of Sudan’s AML regulations as the basis for customer identification, verification of source of funds, and nature of business.
Automated Monitoring System and Screening
The bank has automated monitoring system for unusual and potential suspicious activities, including funds transfers locally or internationally, along with screening all customers and transactions against local and international sanctions lists.
Reporting Suspicious Transactions and Employee Training
There is a legal obligation on all members of staff to report any suspicious transactions and not to tip off suspected launderers. Procedures for reporting suspicious transactions are documented and communicated to all bank staff, with the Compliance Officer examining all received reports and submitting formal disclosure reports to the file. The bank also has ongoing training and awareness programs for all employees at all levels to ensure they are aware of the bank’s policies and procedures regarding AML/CFT, as well as local legal requirements.
Record Keeping
As per CBOS regulations, all customers’ identifications and transactions documents, risk assessment documents, suspicious transaction reports, and training records shall be kept for at least five years from the transaction date.