Sudanese Financial Institutions Must Comply with Bank’s Regulations: Report
The Bank of South Sudan has reiterated its authority to issue regulations and circulars to fulfill its responsibilities under the 2011 Bank of South Sudan Act and other relevant laws. In a bid to ensure compliance, the bank has identified several types of regulations that can be issued.
Types of Regulations Issued by the Bank
- Informational Circulars: These will be used to explain or clarify existing laws and regulations for regulated entities such as banks, ensuring they are well-informed about their obligations.
- Policy Guidelines: The bank will issue guidelines indicating how it intends to exercise its functions under the Act and how regulated entities should conduct business to meet those expectations.
- Prudential Guidelines: These will specify business practices that could harm the financial stability of individual institutions or the entire financial system, which regulated entities are expected to avoid.
Public Register of Regulations and Circulars
To ensure transparency, the Bank of South Sudan maintains a public register of all regulations and circulars it issues. This move is aimed at promoting accountability and trust within the financial sector. Regulated entities must adhere to these guidelines to maintain a stable and secure banking environment in the country.
Compliance Requirements
Regulated entities must comply with these guidelines to ensure a stable and secure banking environment in Sudan. By adhering to these regulations, the bank aims to:
- Promote accountability and trust within the financial sector
- Ensure compliance with existing laws and regulations
- Maintain a stable and secure banking environment in the country