CBoS Orders Suspension of Bank Accounts Failing to Update Customer Data by September 30

Sudanhorizon – Nazik Shamam – Hala Hamza

The Central Bank of Sudan has directed all banks operating in Sudan to update the data of their customers’ bank accounts, giving banks a two-month period from July 30 to September 30. After the deadline, any bank account whose holder has failed to update their information will be suspended.

According to a circular reviewed by Sudanhorizon, the measures relate to regulatory and supervisory requirements for combating money laundering, terrorist financing, and proliferation financing.

In a letter addressed to bank managers, the central bank called for the immediate compilation and updating of data for all customers. It instructed banks to suspend and freeze the accounts of any customers who fail to complete the update before the two-month deadline expires.

The central bank also stressed the importance of developing technological and supervisory systems and requiring banks to provide and operate specialized technology capable of continuously monitoring account activity and banking transactions, as well as detecting and tracking unusual patterns in financial operations at an early stage.

The Field Supervision Department of the General Directorate for Banking Supervision said the measures are intended to enhance transparency, ensure compliance with international banking standards, and reduce financial risks.

Meanwhile, users of Bankak, the mobile banking application operated by Bank of Khartoum, were surprised Wednesday morning by a message appearing when they opened the application, instructing them to update their information at the nearest Bank of Khartoum branch. The message read: “Our journey with you continues, and what’s ahead is always better… Update your information at the nearest branch and continue the journey with us.”

Banking sources with knowledge of the matter told Sudanhorizon that the data-update process applies to all banks without exception. They said the measure is intended to provide safer and more efficient banking services, noting that updating customer data helps enhance account security, protect banking transactions, and ensure uninterrupted access to banking services and notifications.

The sources added that the measure will facilitate faster and more accurate completion of banking transactions and ensure that customer information complies with applicable banking requirements and regulations.

The sources also revealed that all banks have announced the update process at their branches, adding: “For now, updates can only be completed at branches.”

Shortlink: https://sudanhorizon.com/?p=16936