Bank of Jordan Introduces Enhanced Customer Identification and Acceptance Policies

Introduction

Amman, Jordan - The Bank of Jordan has announced the implementation of new customer identification and acceptance policies aimed at ensuring the highest standards of anti-money laundering (AML) and combating the financing of terrorism (CFT).

Enhanced Customer Verification Process

• Customers opening accounts with the bank will be required to provide a range of documents, including:
  • Identity documents
  • Proof of address
  • Authorization from legal entities or authorized signatories
• The bank will conduct verification checks on customer addresses by visiting their headquarters and verifying profession licenses.

Public Shareholding Companies

• For public shareholding companies, the bank requires data relating to shareholders owning more than 10% of the company’s capital.
• An undertaking from authorized signatories is required to provide data on any shareholder whose shareholding falls within that percentage.

Non-Profit Organizations

• The policy outlines procedures for identifying non-profit organizations, which include:
  • Providing documentation such as certificates issued by the Ministry of Social Development or other competent authorities
  • Verifying the existence and legal status of these organizations through formal documents and trusted sources

Foreign, Unregistered Companies

• For foreign, unregistered companies not permitted to operate in Jordan, the bank requires:
  • A legal opinion from its legal department confirming compliance with Jordanian laws and regulations
  • Documentation demonstrating the company’s legitimacy and authenticity

Anti-Terrorist Financing and Money Laundering Checks

• The policy emphasizes the importance of referring to approved lists related to anti-terrorist financing and money laundering prior to commencing or continuing a banking relationship.
• This includes checking:
  • The Unified List relating to anti-terrorist financing and Money Laundering
  • Lists issued by the Security Council

Data Validation

• To ensure the accuracy and completeness of customer data, the bank will validate information through trusted sources, including:
  • Government databases
  • Utility bills
  • Lease agreements
• Branches are required to keep a copy of all supporting documents and annotate that the original has been presented and viewed.

Conclusion

The Bank of Jordan’s new policy aims to maintain its reputation as a leading financial institution in Jordan while ensuring compliance with international standards and regulations.