Sudan Eyes Compliance with Financial Regulations as Bank Issues Guidelines
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The Bank of South Sudan has taken a significant step towards ensuring compliance with financial regulations in the country by issuing various guidelines and circulars to regulated entities. These documents are aimed at fulfilling the bank’s responsibilities under the Bank of South Sudan Act, 2011, and other relevant laws.
Boost to Transparency and Accountability
The latest move is seen as a major boost to transparency and accountability in the financial sector, with experts lauding the institution’s efforts to maintain a public register of all issued regulations and circulars. This will enable stakeholders to access critical information and make informed decisions.
Guidelines Issued
The guidelines take the form of informational circulars, policy guidelines, and prudential guidelines. The latter specify business practices that could harm the financial stability of individual institutions or the entire financial system, which regulated entities are expected to avoid.
Prudential Guidelines
- Specify business practices that could harm the financial stability of individual institutions or the entire financial system
- Regulated entities are expected to avoid these practices
Regulatory Framework
The bank’s regulatory framework is designed to ensure compliance with existing laws and regulations, while also outlining its own approach to exercising its functions under the Act. Regulated entities, such as banks, are required to conduct their business in line with these expectations.
Commitment to Transparency and Accountability
In a related development, the Bank of South Sudan has reiterated its commitment to promoting transparency and accountability in the financial sector. This is essential for building trust among stakeholders and ensuring the stability of the country’s financial system.
Outlook
As the bank continues to issue regulations and circulars aimed at promoting compliance, it remains to be seen whether these efforts will yield desired results. One thing, however, is clear: the institution’s commitment to transparency and accountability is a crucial step towards fostering a robust and resilient financial sector in Sudan.