Bank of Jordan Implements Automated System to Monitor High-Risk Financial Transactions

Amman, Jordan - The Bank of Jordan has introduced an automated system to monitor and review financial transactions originating from high-risk countries, ensuring compliance with anti-money laundering and terrorism financing regulations.

Monitoring High-Risk Transactions

The new system flags suspicious transactions for further investigation by the bank’s anti-money laundering and terrorism financing unit. The unit verifies whether the transactions comply with international sanctions and reports any discrepancies to relevant authorities.

Compliance Program

The Bank of Jordan has implemented a comprehensive compliance program to ensure adherence to international financial sanctions. The program consists of three defense lines:

• Business Units: Responsible for implementing sanctions policies and procedures.
• Compliance Department: Reviews and monitors transactions to identify potential breaches.
• Internal Audit Unit: Conducts regular audits to ensure compliance with regulatory requirements.

Employee Training

The Bank of Jordan has launched a training program for employees to educate them on:

• International economic sanctions
• Their importance
• The risks associated with breaching them

Employees are required to undergo annual training sessions to ensure they understand their roles and responsibilities in implementing the bank’s sanctions compliance program.

Record Keeping

The bank is responsible for maintaining accurate records of all transactions, investigations, and verifications related to the sanctions compliance program. These records will be kept for a minimum of five years and made available to relevant authorities upon request.

Policy Review and Approval

The Bank of Jordan’s sanctions compliance policy is reviewed annually by the compliance department and approved by the Board of Directors. The policy applies to all members of the bank’s group, including foreign branches and subsidiaries.

• In cases where local laws in hosting countries conflict with the master policy, a sub-policy will be created to ensure compliance with stricter instructions.
• The competent unit or division responsible for overseeing compliance requirements at foreign branches or subsidiaries will create and approve the sub-policy in accordance with corporate governance rules applicable to that branch or subsidiary.

The Bank of Jordan’s commitment to implementing an automated system to monitor high-risk financial transactions demonstrates its dedication to maintaining a strong sanctions compliance program and ensuring the integrity of the financial system.