Khartoum-Based Bank Leads the Charge Against Illicit Finance in Sudan

The Bank of Khartoum (BOK), one of Sudan’s leading financial institutions, has reaffirmed its commitment to local and international efforts to combat money laundering and terrorist financing. The bank issued a statement emphasizing its adherence to Central Bank of Sudan (CBO S) regulations, international standards, and guidelines.

BOK’s Anti-Money Laundering & Countering Financial Terrorism (AML/CFT) Program

As part of CBO S regulations, banks in Sudan must implement effective AML/CFT programs. BOK has addressed this requirement by developing an extensive AML/CFT program with the following components:

Policies & Procedures

• The bank’s AML/CFT manual, approved by the Bank of Directors (BOD), outlines the roles and responsibilities of various departments in implementing and enforcing the AML/CFT program.
• Departments include the Board Governance & Compliance Committee, Senior Management, compliance officers, and managers.

Risk Assessment

• BOK has adopted an internal risk assessment approach, evaluating money laundering and terrorist financing risks based on customers, geographical distribution, products and services, and channels of delivery.
• Regular assessments ensure the bank’s risk rating remains accurate.

Customer Acceptance Policy

• BOK engages in business relationships only with identifiable customers who meet specific criteria, as outlined in the bank’s customer acceptance policy.

KYC (Know Your Customer), Due Diligence, and Enhanced Due Diligence

• BOK follows Central Bank of Sudan’s regulations for customer identification, verification of the source of funds, and nature of business.
• Customer due diligence is carried out based on perceived risk.

Transactions Monitoring

• BOK has a sophisticated monitoring system in place for unusual and potentially suspicious transactions, both locally and internationally.
• All customer transactions are screened against local and international sanctions lists (UN, OFAC, etc.).

Suspicious Transaction Reports (STRs)

• All staff members are legally obligated to report any suspicious transactions, with procedures in place for doing so.
• The Compliance Officer examines all reports and submits a formal disclosure report to the appropriate authorities.

Staff Training and Education Program

• BOK does not employ individuals involved or suspected of being involved in any illegal activities.
• Ongoing training and awareness programs ensure all employees are well-versed in the bank’s policies and procedures related to AML/CFT and local legal requirements.

Record-Keeping

• In accordance with CBO S regulations, BOK keeps customer identification & transactions documents, risk assessment documents, suspicious transaction reports, and training records for at least five years from the transaction date.