Sudan Seeks to Combat Financial Crime with Banking Regulations

The government of Sudan is taking proactive steps to combat financial crime by empowering its central bank, the Bank of South Sudan, to issue regulations and circulars. This move aims to ensure compliance with existing laws and regulations in the banking sector.

Enhanced Regulatory Powers for the Bank of South Sudan

Under the new measure, the Bank of South Sudan will be able to issue guidance to regulated entities such as banks to clarify their obligations under existing laws and regulations. The bank will also issue:

• Informational circulars: to provide clarity on existing laws and regulations
• Policy guidelines: outlining how the bank intends to exercise its functions under the country’s banking act
• Prudential guidelines: specifying business practices that could harm the financial stability of individual institutions or the entire financial system

Increased Transparency

To increase transparency, the Bank of South Sudan will maintain a public register of all regulations and circulars it issues. This will enable regulated entities and the general public to access important information and stay informed about changes in banking regulations.

Broader Effort to Strengthen Financial Regulatory Framework

The new measures are part of a broader effort by the Sudanese government to strengthen its financial regulatory framework and prevent financial crime. The Bank of South Sudan is authorized under the country’s banking act to issue regulations and circulars, which will be used to ensure that regulated entities comply with relevant laws and regulations.

By empowering the Bank of South Sudan to issue regulations and circulars, the Sudanese government aims to create a more robust framework for preventing financial crime and ensuring compliance with existing laws and regulations in the banking sector.