Financial Crime World

Bank of Jordan Group Achieves Significant Milestone towards FATCA Compliance

In a major step towards ensuring complete compliance with the requirements of the US Foreign Account Tax Compliance Act (FATCA), Bank of Jordan Group has successfully registered with the US Treasury’s Internal Revenue Service (IRS) as a lead Participating Foreign Financial Institution (PFFI).

Compliance Program

This significant step is part of the bank’s comprehensive compliance program, designed to ensure adherence to international standards and regulations. The program is aimed at ensuring complete transparency and cooperation with international regulatory authorities.

FATCA Requirements

As per the FATCA requirements issued in 2010, Bank of Jordan Group has been assigned a unique Global Intermediary Identification Number (GIIN) for each approved member and branch within its network. The GIIN numbers are now available for public viewing on the bank’s website.

Commitment to Transparency

This move demonstrates Bank of Jordan Group’s commitment to transparency and cooperation with international regulatory authorities. By registering as a lead PFFI, the bank is showing its willingness to comply with FATCA regulations and maintain a high level of transparency in its operations.

Benefits of Compliance

By achieving this milestone, Bank of Jordan Group benefits from:

  • Enhanced reputation for compliance and transparency
  • Increased confidence among customers and stakeholders
  • Simplified reporting requirements and reduced administrative burdens
  • Compliance with international standards and regulations

FATCA Overview

The Foreign Account Tax Compliance Act (FATCA) is a US law aimed at combating tax evasion by requiring foreign financial institutions to report information on financial accounts held by US taxpayers or foreign entities with substantial US ownership. The law was introduced in 2010 and has since been implemented globally.

By registering as a lead PFFI, Bank of Jordan Group is demonstrating its commitment to FATCA compliance and ensuring that it meets the requirements of international regulations. This move will enable the bank to maintain a high level of transparency and cooperation with regulatory authorities, while also enhancing its reputation for compliance and customer confidence.