Sudanese Bank Adheres to Strict Anti-Money Laundering Regulations
The Bank of Khartoum has reaffirmed its dedication to complying with local and international regulations aimed at combating money laundering and financing terrorism. The bank’s anti-money laundering (AML) and combating the financing of terrorism (CFT) program is fully compliant with Central Bank of Sudan (CBOS) regulations and international standards.
Effective AML/CFT Program
According to CBOS, the Bank of Khartoum has developed an effective AML/CFT program that consists of several key components. These include:
- The bank’s board of directors is responsible for overall compliance with anti-money laundering laws and regulations.
- Senior management ensures day-to-day compliance within operational areas.
- A robust system for identifying and managing regulatory requirements, providing reasonable assurance to senior management and the board governance and compliance committee that it is applied consistently across all departments and units.
Compliance Management
The bank’s head of compliance is responsible for all anti-money laundering activities carried out in or from Sudan. Internal audit ensures that all employees are following the bank’s policies and procedures regarding AML operations, assessing compliance, adequacy of controls, and adherence to policies and procedures.
- The risk assessment framework is reviewed twice a year to determine whether any adjustments should be made to the risk rating.
Customer Acceptance Policy
The Bank of Khartoum has also developed a customer acceptance policy, which only accepts identifiable customers who meet specific criteria for minimum acceptance. The bank applies current CBOS regulations as the basis for customer identification and verification, and performs due diligence based on categorization of customers according to perceived risk.
Automated Monitoring Systems
Automated monitoring systems are in place to detect unusual and potential suspicious activities, including funds transfers locally or internationally, and screening against local and international sanctions lists. There is a legal obligation on all staff members to report any suspicious transactions, and procedures for reporting such transactions are documented and communicated to all bank employees.
Ongoing Training and Awareness
The Bank of Khartoum also has an ongoing training and awareness program for all employees at all levels, which includes specific training on the recognition and handling of suspicious transactions. Records of customer identifications and transactions, risk assessments, suspicious transaction reports, and training records are kept for at least five years from the transaction date.
Commitment to AML/CFT Regulations
The bank’s commitment to adhering to AML/CFT regulations is crucial in maintaining its reputation and ensuring that it operates in a secure and transparent manner. By strictly complying with these regulations, the Bank of Khartoum demonstrates its dedication to preventing money laundering and financing terrorism, while also protecting its customers’ assets and maintaining public trust.