CBOS Issues Controls to Limit Risks Associated with New Payment Instruments

Sudanhorizon – Hala Hamza

The Central Bank of Sudan has directed banks and financial institutions to adopt appropriate measures to manage and mitigate the risks of money laundering and terrorist financing that may arise through new technologies and channels used to deliver both new and existing financial products and services.

The Central Bank emphasized the need for institutions providing mobile payment services to comply, at a minimum, with requirements to obtain the information related to fund transfers stipulated under anti-money laundering, counter-terrorist financing, and counter-proliferation legislation when customers use such services to transfer money.

The Bank also instructed financial institutions to ensure that mobile payment services can be suspended if they are misused, and that this condition is explicitly included in customer service agreements.

In addition, the Central Bank called for continuous monitoring of transactions conducted through these services and the generation of exception reports for any unusual or suspicious activities.

The directive further requires banks and financial institutions to establish reasonable limits on the funding of accounts used for mobile payment services, as well as on the value of transactions that can be conducted through these platforms.

The measures form part of broader efforts by the Central Bank to strengthen oversight of emerging payment technologies and enhance safeguards against financial crimes within Sudan’s banking and financial sector.

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