AML Policy

Our AML Policy

Al Barq Exchange is committed to prevent money laundering and terrorist financing in accordance with the Central Bank of Sudan (CBOS) regulations, Financial Action Task Force (FATF) requirements and international best practices in Anti-Money Laundering (AML) & Counter Terrorist Financing (CTF). As a result, we are prepared to identify suspicious activities related to money laundering, fraud, financing of terrorism, and financing of illegal groups and report them in accordance with the law to the FIU of CBOS. Al Barq Exchange is committed to operating legally and ethically and in accordance with all relevant laws and regulations. We have therefore implemented a robust AML and compliance system in all our branches. Our up to dateinformation technology infrastructure and AML solutions enable us to be fully compliant at all times.

Anti-Money Laundering and Compliance Policy Declaration

Al Barq Exchange is fully committed to adhering to the laws and regulations which reflect the relevant recommendations issued by the Financial Action Task Force (FATF) and the Basel Statement of Principles on preventing the utilization of the banking system for criminal purposes, issued by the Basel Committee.
Al Barq Exchange is also determined to constantly evaluate and uphold its AML policies, procedures and controls on an on-going basis by ensuring befitting internal and external audit program.
We adheres to the following robust AML / Compliance program:
-* Risk Assessment.
-* Policies and Procedures
-* Governance and The Compliance Officer
-* Customer Due Diligence
-* Transaction Monitoring
-* Sanctions Obligations and freezing without delay
-* Training
-* Independent Audit
-* Record Keeping Managing Employee Risk

Know Your Customer

We follow a strong identity verification process for all our customers as per local and international AML/CTF regulations irrespective of the amount of the transaction. Robust KYC (Know Your Customer) and KYCC (Know your Customer’s Customer) policies are adhered to at all levels of the organization. Identifying and conducting Simplified Due Diligence (SDD), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required is a normal process at Al Barq Exchange for identifying the customer, wealth source and purpose of transaction.

To ensure compliance with the applicable sanctions against persons and entities, Al BarqExchange has an automated system (World Check) to screen the names of the customers against the sanctions lists issued by the Office of Foreign Assets Control (OFAC), The Office of Financial Sanctions Implementation (OFSI) the list issued by European Union (EU) and Internal lists of Central Bank of Sudan. Along with the customers’ names, all the parties to the transactions are also filtered through the screening system in order to ensure compliance with Sanctions Obligations