Here is the rewritten article in Markdown format:
Jordan Tightens Grip on Anti-Money Laundering Regulations
=====================================================
In a move to combat financial crimes and strengthen its anti-money laundering (AML) framework, Jordan has introduced a range of regulations aimed at enhancing transparency and accountability in the country’s financial sector.
Key Legislation
Central Bank of Jordan Law No. 23 of 1971
The Central Bank of Jordan Law is one of the key pieces of legislation that governs AML efforts in the country. The law sets out the central bank’s powers and responsibilities in regulating banking activities, including its role in preventing money laundering and terrorist financing.
Insurance Regulatory Law No. (12) of 2021
The Insurance Regulatory Law introduces new regulations for insurance companies operating in Jordan. The law requires insurers to implement robust AML/CFT measures, including customer due diligence and reporting suspicious transactions.
Banking Law No. 28 of 2000 and its Amendments
The Banking Law sets out the requirements for banking institutions in Jordan, including their obligations to report suspicious transactions and maintain accurate records.
Money Exchange Business Law No. 44 of 2015
The Money Exchange Business Law regulates money exchange businesses operating in Jordan. The law requires money exchangers to implement strict customer due diligence procedures and report any suspicious transactions to the authorities.
Additional Relevant Laws
- Electronic Transactions Law No. 15 of 2015: sets out the rules for electronic transactions and online payments
- Credit Information law -Temporary Law No. 15 of 2010: regulates credit reporting and consumer credit activities
Jordan’s Commitment to AML Efforts
These regulations demonstrate Jordan’s commitment to strengthening its anti-money laundering framework and improving financial transparency in the country. The country is also working closely with international partners to share best practices and implement effective AML measures.
Compliance Requirements for Financial Institutions
Financial institutions operating in Jordan are advised to familiarize themselves with these regulations and ensure compliance with all relevant laws and regulations to avoid penalties and reputational damage.