Bank of Jordan Launches Automated System to Monitor Financial Transactions

Amman, Jordan

Bank of Jordan has announced the launch of an automated system designed to monitor and detect financial transactions that may be linked to money laundering and terrorism financing.

International Sanctions Compliance Program

The system is part of the bank’s international sanctions compliance program, which reviews outgoing and incoming financial transactions from high-risk countries to ensure they are in compliance with international regulations.

Compliance Department Plays Key Role

• The bank’s Compliance Department plays a crucial role in ensuring that all employees understand their roles and responsibilities in complying with international sanctions.
• The department organizes periodic training courses for all staff members, covering topics such as:
  • The concept of international economic sanctions
  • The importance of compliance
  • The consequences of breaching sanctions

Record Keeping and Reporting

• The bank maintains detailed records of all transactions, investigations, verifications, and reporting procedures to ensure transparency and accountability.
• The Compliance Department is responsible for keeping these records and providing them to competent authorities upon request.

Policy Review and Approval

• The Bank’s Board of Directors reviews and approves the international sanctions compliance policy annually, ensuring that it remains effective and up-to-date.
• The policy takes into account all relevant laws and regulations in the countries where the bank operates.

Sub-Policies for Foreign Branches and Subsidiaries

• The bank allows foreign branches and subsidiaries to create sub-policies that are consistent with local laws and regulations.
• These sub-policies must be approved by the competent unit/division empowered to oversee compliance requirements at each location.

Coordination and Communication

• Regular coordination and communication between the Compliance Department in the headquarter and foreign branches/subsidiaries ensure that all parties are informed of developments and ratifications of sub-policies.
• This ensures a unified approach to international sanctions compliance across all locations.

The new automated system is a significant step forward in Bank of Jordan’s efforts to combat money laundering and terrorism financing, and demonstrates its commitment to transparency, accountability, and compliance with international regulations.