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Sudan’s Bank of Khartoum Ensures Compliance with Anti-Money Laundering (AML) Laws

Introduction

The Bank of Khartoum has announced its commitment to complying with local and international legal and supervisory requirements to combat money laundering and financing terrorism. The bank has outlined its policies and procedures for preventing and detecting financial crimes in a statement released today.

Anti-Money Laundering & Combating Financing of Terrorism (AML/CFT) Program

The Bank of Khartoum’s AML/CFT program consists of eight key components, including:

• AML/CFT Policies and Procedures: The bank has a comprehensive AML/CFT manual approved by its Board of Directors, which outlines the roles and responsibilities of various units within the bank.
• Risk Assessment: The bank conducts regular risk assessments to identify potential money laundering and terrorist financing risks.
• Customer Acceptance Policy: Only identifiable customers who meet specific criteria are acceptable to establish a relationship with the bank.
• KYC/Due Diligence and Enhanced Due Diligence: The bank applies current Central Bank of Sudan regulations for customer identification, verification of the source of funds, and nature of business.
• Transaction Monitoring: The bank has automated monitoring systems for unusual and potential suspicious activities.
• Suspicious Transaction Reports: There is a legal obligation on all staff to report any suspicious transactions.
• Staff Competency Education & Training Program: The bank provides ongoing training and awareness programs for employees at all levels to ensure they are aware of AML/CFT policies and procedures.

Commitment to Compliance

The Bank of Khartoum’s commitment to complying with AML laws demonstrates its dedication to preventing financial crimes and maintaining a secure and trustworthy financial system.