Sudan’s Financial Institutions Take Steps to Combat Money Laundering and Terrorism Financing

Khartoum, Sudan

In a bid to strengthen its defenses against money laundering and terrorism financing, Bank of Khartoum (BOK) has implemented robust due diligence procedures as required by the Central Bank of Sudan (CBOS).

A Commitment to Compliance

According to BOK’s Anti-Money Laundering and Combating Terrorism Financing policy, the bank is fully committed to adhering to local and international regulations aimed at preventing the spread of money laundering and financing terrorism.

Key Components of BOK’s AML/CFT Program

• Risk Assessment Framework: Identifies high-risk areas and evaluates the adequacy of existing controls. Reviewed twice a year as per CBOS regulations.
• Customer Categorization: Customers are categorized based on perceived risk, with enhanced due diligence conducted on those considered high-risk.
• Automated Monitoring System: Tracks unusual and potential suspicious activities, including funds transfers locally or internationally.

Ensuring Compliance

BOK’s compliance officer is responsible for ensuring that the bank has a robust system for identifying and managing regulatory requirements and providing reasonable assurance to senior management and the board of directors that these requirements are applied consistently across all departments.

Employee Training and Awareness

• Ongoing training and awareness programs are provided for employees at all levels to ensure they are aware of BOK’s policies and procedures regarding AML/CFT and local legal requirements to combat money laundering.
• Employee records, including training records, are maintained in accordance with CBOS regulations.

Demonstrating Commitment

By implementing these measures, Bank of Khartoum demonstrates its commitment to upholding international standards and guidelines on AML/CFT and reducing the risk of money laundering and terrorism financing in Sudan’s financial sector.