Bank of Jordan Implements Advanced Automated System to Monitor Financial Transactions
Strengthening Anti-Money Laundering and Terrorism Financing Measures
In a move aimed at bolstering its anti-money laundering (AML) and terrorism financing measures, the Bank of Jordan has introduced an advanced automated system to monitor financial transactions in real-time.
Compliance with International Sanctions
The Bank of Jordan has committed to complying with international sanctions imposed by the United Nations Security Council and other relevant authorities. The bank will:
- Freeze and seize assets in accordance with these sanctions
- Notify relevant authorities of any suspicious transactions
To ensure effective implementation, the bank has established a robust compliance program that includes:
- Regular training for employees on international economic sanctions and their implications
- Reporting suspicious transactions and the consequences of non-compliance
Automated System
The automated system is designed to identify potential red flags in financial transactions, including:
- Unusual patterns or large cash transactions
- Discrepancies in customer data that may indicate illegal activity
“We are committed to maintaining the highest standards of compliance with international sanctions and anti-money laundering regulations,” said a spokesperson for the Bank of Jordan. “Our new automated system is an important tool in our efforts to prevent financial crimes and maintain trust in our banking services.”
Record Keeping
The bank will maintain detailed records of all transactions, including:
- Investigations and verifications
- These records will be kept for at least five years and made available to relevant authorities upon request.
The Bank of Jordan’s commitment to compliance with international sanctions is a key part of its strategy to maintain the trust and confidence of customers, regulators, and stakeholders. The introduction of this automated system marks an important step forward in the bank’s efforts to prevent financial crimes and ensure the integrity of its services.