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Sudanese Central Bank Issues Guidelines to Combat Financing of Terrorism

Khartoum, Sudan - The Central Bank of Sudan (CBOS) has issued new guidelines aimed at combating the financing of terrorism in the country as part of efforts to prevent money laundering and terrorist financing.

Background

According to sources, the CBOS has instructed commercial banks in Sudan, including the Bank of Khartoum, to develop effective Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) programs. These programs will be used to identify and report suspicious transactions and prevent the use of financial systems for terrorist activities.

Guidelines

The guidelines require banks to have clear policies and procedures in place for AML/CFT, including:

  • Risk assessments
  • Customer acceptance policies
  • Due diligence requirements
  • Training for employees on recognition and handling of suspicious transactions
  • Maintenance of detailed records of customer identities and transactions

Banks are also required to:

  • Monitor all transactions, both locally and internationally
  • Screen customers and transactions against local and international sanctions lists
  • Report any suspicious transactions to the CBOS
  • Cooperate with law enforcement agencies in investigations related to AML/CFT

Impact

The move is seen as a major step forward in Sudan’s efforts to combat terrorism and prevent the financing of terrorist activities. The country has faced criticism from the international community for its role in financing terrorist groups, including Hamas and Hezbollah.

In response to these concerns, the CBOS has implemented a range of measures aimed at improving transparency and accountability in the financial sector, including:

  • Increased regulation and supervision of commercial banks
  • Improved customer due diligence requirements
  • Enhanced reporting requirements for suspicious transactions

Implementation

The Bank of Khartoum, one of Sudan’s largest commercial banks, has already developed an AML/CFT program that meets the new guidelines. The bank’s program includes a range of measures aimed at preventing money laundering and terrorist financing.

In a statement, the Bank of Khartoum said: “We take our responsibilities under AML/CFT very seriously. We will continue to work closely with the CBOS and other regulatory bodies to ensure that our program meets the highest standards.”

Future Outlook

The new guidelines are seen as a major step forward in Sudan’s efforts to combat terrorism and prevent the financing of terrorist activities. The country is expected to face further scrutiny from the international community in the coming months, as it continues to implement its AML/CFT reforms.