Financial Crime World

Title: Bank of Khartoum’s Commitment to Combatting Money Laundering and Terrorist Financing

Sudanese Bank Reaffirms Dedication to International Standards and Local Regulations

Amidst increasing concerns over money laundering and terrorist financing, the Bank of Khartoum (BOK) in Sudan has reinforced its pledge to combat these illegal activities. This week, the bank issued a statement emphasizing its commitment to adhering to both local and international legal requirements, aiming to curb money laundering and the financing of terrorism.

Robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Program

The Bank of Khartoum has adopted a rigorous AML and CFT program to meet both Central Bank of Sudan (CBO S) regulations and international standards. The program includes the following components:

Policies and Procedures

  1. Specific responsibilities for various departments:

    • Board of Directors
    • Management
    • Compliance Officers
    • Internal Audit

  2. BOK’s AML/CFT manual, approved by its Board of Directors, outlines responsibilities

Risk Assessment

  • Comprehensive assessment of customers, geographical distribution, products, services, and channels of delivery
  • Regulation-compliant risk assessment framework reviewed twice a year

Customer Acceptance Policy

  • Identifiable customers with minimum criteria

Know Your Customer (KYC) and Due Diligence

  • Customer identification, verification of sources of funds, and business nature
  • Due diligence based on perceived customer risk

Transactions Monitoring

  • Automated system to detect unusual transactions
  • Screening against local and international sanctions lists

Reporting of Suspicious Transactions

  • All staff obligated to report
  • Formal disclosure reports to authorities

Employee Education and Training

  • Ongoing programs to ensure employee knowledge

Record-Keeping

  • Five-year retention of relevant records

In the ongoing battle against money laundering and terrorist financing, Bank of Khartoum remains proactive in safeguarding its reputation and upholding customer and stakeholder trust.

Key Components of Bank of Khartoum’s AML/CFT Program

I. Policies and Procedures

  • Approved AML/CFT manual and responsibilities

II. Risk Assessment

  • Comprehensive assessment of various aspects and timely review

III. Customer Acceptance Policy

  • Identifiable customers with minimum criteria

IV. Know Your Customer (KYC) and Due Diligence

  • Customer identification, verification of sources, and business nature evaluation

V. Transactions Monitoring

  • Automated system detection of unusual transactions
  • Sanctions list screening

VI. Reporting of Suspicious Transactions

  • All staff obligation to report

VII. Employee Education and Training

  • Ongoing training and awareness programs

VIII. Record-Keeping

  • Retention of relevant records for at least five years

Bank of Khartoum’s Commitment to Combatting Money Laundering and Terrorist Financing

In the spirit of transparency, stability, and adherence to international norms and local regulations, Bank of Khartoum is reaffirming its commitment towards combating money laundering and terrorist financing. With a robust AML/CFT program designed to meet the highest standards, the bank is dedicated to protecting its reputation, safeguarding its customers’ trust, and contributing to a better, more secure financial system for all.