Anti-Money Laundering and Terrorist Financing Policy
These policies aim to ensure the compliance of the company and its employees with the controls, regulations and principles related to the field of combating money laundering and terrorist financing contained in:
1. The Anti-Money Laundering and Terrorist Financing Law in force.
2. Financial Action Group recommendations.
3. Anti-Money Laundering and Terrorist Financing Regulations issued by the Insurance Supervisory Authority in April 2014 to ensure the company’s full compliance with all legal and procedural requirements and to ensure that all company employees are fully aware of the content of these rules and to review the control policies regularly to ensure their effectiveness by following up on internal audit reports or the Compliance Department . All employees must familiarize themselves with these policies and procedures for combating money laundering and terrorist financing and work on them.
These policies include customer due diligence procedures, record keeping and reporting of unusual or suspicious operations.
Defining the responsibilities:
1. The Board of Directors approves and supervises the Anti-Money Laundering and Terrorist Financing Program, and the Compliance Officer must implement that program.
2. Everyone should assist the compliance officer to perform his duties by reviewing documents and audit reports.
3. The compliance officer shall provide employees with the latest developments in the field of money laundering and terrorist financing and the best global practices issued by the Financial Action Group.
4. The compliance officer shall submit periodic reports to the Board of Directors.
5. The Internal Audit and Compliance Departments shall review the effectiveness of the money laundering and terrorist financing program to keep pace with the continuous changes and the significant development in the methods and techniques of combating money laundering and terrorist financing.
6. The internal audit and compliance departments should develop this policy, follow up on reports of any unusual activities, and enhance cooperation with the Financial Intelligence Unit.
7. Providing, verifying and maintaining customer data.
8. The Internal Audit and Compliance Departments shall develop training plans for all company employees towards combating money laundering and terrorist financing.
9. The Technology Department shall protect the company's website and its technical system.
10. Integrity and efficiency must be exercised when selecting human cadres, training them, and informing members of the Board of Directors of the developments and developments used in committing money laundering and terrorist financing crimes.
11. The Compliance Department must verify and verify compliance within the company, report suspicious operations, review reports on unusual operations, and review all company data.
12. Detecting suspicious operations and referring them to the Financial Investigation Unit according to the reporting form with the documents supporting the suspicion.
13. Keep records and documents as determined by the company's controls and the Insurance Supervisory Authority regulations.
14. Assessing the degree of risk of clients in countries that do not or insufficiently apply the recommendations of the Financial Action Task Force, influential people, and charitable, non-profit organizations.
15. Obtaining the approval of the Board of Directors at the beginning of dealing with influential persons or representatives of influential persons.
16. When dealing with non-profit bodies and organizations, it must be ensured that they obtain official approval and that they are classified among the high-risk clients and strengthen strict care procedures on them.
17. These policies are applied to all the company's branches inside and outside Sudan, if any, unless those foreign branches are in countries that apply the recommendations of the Financial Action Group more rigorously and effectively.
Penalties:
In order to avoid any penalties that may affect the company, the compliance department and audit are fully compliant with the above requirements.
