Sudanese Bank Committed to Anti-Money Laundering Regulations
Strengthening Financial Integrity in Sudan
Khartoum, Sudan - The Bank of Khartoum (BOK) has reaffirmed its commitment to implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. In a statement, the bank confirmed that it is fully compliant with all Central Bank of Sudan (CBOS) regulations governing AML/CFT.
Effective AML/CFT Program
BOK’s Anti-Money Laundering & Combating Terrorist Financing program outlines clear roles and responsibilities for various units responsible for implementing the program. The policy has been approved by the bank’s board of directors and ensures that all employees are aware of their duties in preventing money laundering and terrorist financing.
Governance Structure
The bank’s senior management and governance committee are responsible for ensuring that the AML program is in line with regulations and industry best practices. Internal audit plays a crucial role in monitoring employee compliance with policies and procedures regarding anti-money laundering operations.
Risk Assessment Approach
BOK has developed an internal risk assessment approach to enhance controls over high-risk areas and evaluate the adequacy of existing controls. The bank assesses its ML/FT risk based on:
- Customers
- Geographical distribution
- Products and services
- Channels of delivering services
Customer Acceptance Policy
The bank’s customer acceptance policy ensures that only identifiable customers who meet specific criteria are acceptable for establishing a relationship with BOK. The bank applies the current CBOS AML regulations as the basis for:
- Customer identification
- Verification of source of funds
- Nature of business
Suspicious Activity Monitoring and Reporting
BOK has automated monitoring systems for unusual and potential suspicious activities, including:
- Funds transfers locally or internationally
- Screens all customers and transactions against local and international sanctions lists
The bank is legally obligated to report any suspicious transactions and not to tip off suspected launderers. The Compliance Officer is responsible for examining received reports and submitting formal disclosure reports to the relevant authorities.
Employee Training and Awareness
BOK provides ongoing training and awareness programs for all employees at all levels to ensure that they are aware of the bank’s policies and procedures regarding AML/CFT.
Record Keeping
The bank keeps records of:
- Customer identifications
- Transactions documents
- Risk assessment documents
- Suspicious transaction reports
- Training records
for at least five years from the transaction date.