Bank of Jordan Adopts Stringent Measures to Combat Money Laundering and Terrorism Financing

Amman, Jordan - Bank of Jordan has taken a significant step to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) efforts by implementing a comprehensive policy aimed at detecting and preventing breaches of international financial sanctions.

Policy Overview

The bank will establish an automated system to monitor outgoing and incoming transactions from high-risk countries. All transactions will be reviewed by the anti-money laundering and terrorism financing unit, which will also verify that there are no breaches of international committees’ resolutions.

Key Measures

• Establish an automated system to monitor transactions from high-risk countries
• Review all transactions by the anti-money laundering and terrorism financing unit
• Verify compliance with international committees’ resolutions
• Report any verification processes that result in a breach of international sanctions to relevant authorities and bodies
• Record and keep documents, records, and reports related to financial sanctions compliance program for at least five years

Employee Training and Education

To ensure effective implementation of the policy, Bank of Jordan has launched a comprehensive training program for its employees. The program aims to:

• Educate staff on the concept of international economic sanctions
• Emphasize the importance of complying with international sanctions
• Define the role of each employee in achieving compliance

Training Program Details

• Conduct regular training sessions to update employees on changes to policy or new regulations
• Archive training records for at least five years, including:
  • Names of trainees and trainers
  • Training materials and dates
  • Locations of training programs

Policy Review and Approval

The compliance department will annually review the policy and amend it if necessary. The Board of Directors, represented by competent committees, will approve the policy and any amendments.

• The bank’s master policy on international sanctions compliance program applies to all members of Bank of Jordan Group, including foreign branches and subsidiaries
• In case of conflict between policy terms and laws and regulations of hosting countries, stricter instructions will apply

Sub-Policies

The bank has established guidelines for creating sub-policies that emanate from the master policy. These sub-policies will be:

• Created by the competent unit/division empowered to oversee compliance requirements at foreign branches or subsidiaries
• Approved in accordance with corporate governance rules applicable to that foreign branch or subsidiary
• Notified to the compliance department in headquarters regularly

Compliance Officer

The compliance officer at foreign branches or subsidiaries is responsible for:

• Committing to notify the compliance department in headquarters about any obstacles or limitations that might prevent or hinder compliance with international sanction programs
• Immediately notifying the compliance department about any developments and ratifications of sub-policies

Conclusion

Bank of Jordan’s commitment to combating money laundering and terrorism financing demonstrates its dedication to maintaining a safe and secure financial environment for its customers and stakeholders.