Bank of Jordan Unveils Enhanced Anti-Money Laundering and Terrorism Financing Measures

Amman, Jordan - Bank of Jordan Announces Comprehensive Revamp of AML/CFT Measures

To ensure compliance with international standards, Bank of Jordan has announced a major overhaul of its anti-money laundering (AML) and counter-terrorism financing (CFT) measures.

Automated Systems to Monitor Financial Transactions

• The bank will implement automated systems to monitor financial transactions on customers’ accounts within specific scenarios, including those involving high-risk countries.
• This is aimed at preventing breaches of international committees’ resolutions and ensuring compliance with global standards.

Reporting and Notification Requirements

• The bank has committed to reporting and notifying relevant authorities regarding any verification processes that result in a match or similarity between the bank’s customers or parties related to transactions.
• This includes notification to the competent authorities and bodies, as well as all relevant correspondences.

Employee Training Program

• The bank will conduct regular training sessions for employees on international economic sanctions, including their concept, importance, and potential risks of breaching them.
• The training program will also cover the employee’s role in achieving compliance with international sanctions.

Annual Review and Approval Process

• The policy has been reviewed annually by the compliance department and approved by the Board of Directors, represented by the competent committees.
• The bank is committed to maintaining a comprehensive record-keeping system for all documents, records, and reports related to its financial sanctions compliance program.

Foreign Branches and Subsidiaries

• Foreign branches and subsidiaries are entitled to create their own policies that emanate from this master policy and comply with local laws in their hosting countries.
• Any sub-policies must be consistent with and meet the requirements of international standards.

Commitment to Compliance and Risk Management

• The bank’s commitment to enhancing its AML/CFT measures is part of its efforts to maintain a strong reputation for compliance and risk management, while also protecting its customers and the financial system from potential threats.

Contact:

• Name: [Name]
• Bank of Jordan
• Phone: [Number]
• Email: [Email]

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