Financial Crime World

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Jordan’s AML/KYC Regulations: Shufti Pro Ensures Compliance

In a move to strengthen anti-money laundering (AML) and know-your-customer (KYC) regulations in Jordan, Shufti Pro has announced its commitment to helping businesses comply with the country’s stringent rules.

Compliance Requirements

Under Jordanian law, companies are required to verify the identity of their customers through a thorough process that includes:

  • Checking documents for authenticity
  • Extracting information from commercial registers

Document Verification Service

Shufti Pro’s specialized Document Verification service utilizes advanced security features such as: * Holograms * Tapered edges * Microprinting to ensure the integrity of submitted documents.

Know-Your-Business (KYB) Process

The company also extracts information from official registers, such as: * Commercial registers * Comparable databases through its KYB process. This includes verifying the identity of legal persons and partnerships by checking their registration details.

Valid Identification Documents

In Jordan, proof of identity is considered valid if it meets certain criteria, including:

  • A valid passport
  • Current driving license
  • National ID card

Similarly, proof of address can be demonstrated through: * Utility bills * Government-issued documents * Bank statements (no older than three months)

Identity Verification Service

Shufti Pro’s Identity Verification service goes beyond a one-time process, requiring multiple instances of verification as per regulations. The timing of verification depends on the specific requirements and circumstances of each business.

Enhanced Due Diligence (EDD) Measures

The company emphasizes the importance of EDD measures in high-risk situations, where individuals may represent a higher exposure to money laundering-related threats. Shufti Pro’s AML Screening service screens ID attributes against watchlists and databases to identify: * Politically Exposed Persons (PEPs) * Sanctioned individuals * Other high-risk entities

Business Obligations

Businesses are reminded that while they may rely on external services to fulfill AML/KYC obligations, they remain liable for maintaining regulatory compliance and fulfilling their obligations.

Data Retention

Finally, Jordanian regulations require businesses to retain data for at least five years as part of their AML/KYC obligations. This information may be processed, collected, and managed by relevant third-party providers, but companies are liable for collecting all necessary due diligence data without undue delay.

By partnering with Shufti Pro, businesses in Jordan can ensure compliance with the country’s strict AML/KYC regulations, safeguarding their reputation and reducing the risk of financial penalties.