Profit financial institutions differs in putting plans, procedures that enable it to achieve its goal and profits.
To keep pace with global and local changes, the study and evaluation of risk , and how to deal with it is the one of basics of reaching the goals set for institutions.
Therefore, the role of compliance has emerged in financial institutions in general, and in the banking sector in particular.
Compliance with regulations, standards and controls is one of the most important foundations and factors for the success of banks. It preserves its reputation and credibility and the interests of shareholders and depositors. It provides to it protection from penalties.
In implementation of the Central Bank of Sudan circular (1/2015), that clarifies the work requirements of the bank compliance officer, the following policy has been developed:
Focusing compliance on the work of laws, regulations, publications, charters and practices approved by the authorities to avoid the risks of non-compliance.
Obtain necessary information to perform compliance task through communicate with branches through technical program and access to the reports of the supervisory departments (inspection, internal audit, and the Sharia auditor).
Strengthen the relationship between compliance department and training and human resources department , to spread awareness of the concept of commitment, and the consolidation of sound behavioral and ethical practices for work.
Put Work Procedures Manual and update it periodically.
Examination of all suspected cases.
Prepare suspicious reports and forward them to the Financial Information Unit.
Update procedures according to national and international instructions in this regard
Train employees on the techniques of Anti-money laundering.
Maintaining documents related to suspected cases.
To make sure not to dealt with customers that appear on the local ban lists issued by the Central Bank of Sudan and international ones issued by (OFAC, UN, EU) are not dealt with, and follow up on updates on the ban lists.
