Kush Bank appreciates that good corporate governance is fundamental to earning and retaining the confidence and trust of its stakeholders. A governance and compliance policy provides the structure through which the bank sets its objectives and the means to attaining those objectives.
Shareholders meetings are duly convened annually and held in line with the Kush Bank Articles of Association and the 2012 Banking Act of the Bank of South Sudan and other existing statutory and regulatory regimes. The meetings allow open deliberation on issues affecting the strategic direction of the bank.
An Extraordinary General Meeting may also be convened at the request of the board or shareholders with representatives of Bank of South Sudan to witness, but not allowed to vote.
In line with the Banking Act 2012 and Board of Directors’ strategic directives, the head of compliance has been tasked with a bank-wide discretionary power over AML/CFT (Anti-Money Laundering – Combating the Financing of Terrorism) related matters. This senior team member also ensures that the bank complies with applicable AML/CFT and allied regulations and obligations derived from existing laws and regulations without exception. Kush Bank aspires to have zero tolerance on non-compliance. As such, the Kush Bank has designed and implemented an anti-money laundering program to identify, assess, monitor and manage risks related to money laundering, terrorist financing, financial crimes, etc. Regularly, the bank will examine its AML/CFT strategies, goals and objectives and maintain an acceptable program for its business that reflects best-in-class practices for a reputable financial services provider.
The bank AML/CFT framework encompasses:
A more detailed policy and working document on the governance and compliance of Kush Bank is available as part of the company documents.