Bank of Jordan Introduces New Customer Identification Procedures
Amman, Jordan - In a move to enhance customer identification and verification processes, Bank of Jordan has introduced new procedures for opening bank accounts and establishing banking relationships.
Preventing Financial Crimes
The new measures aim to prevent money laundering, terrorist financing, and other financial crimes by ensuring that all customers are thoroughly vetted and verified before opening an account or conducting transactions. The bank will verify customer information through trusted sources, including databases and official documents.
New Procedures for Customer Identification
Under the new procedures, customers will be required to provide a range of identification documents, including:
- Proof of identity
- Address
- Professional license (if applicable)
The bank will also verify the customer’s address through a visit to their headquarters and obtain a formal certificate from the competent authorities if the legal entity is registered outside the Kingdom.
Additional Requirements
Customers will be asked to provide information about:
- The nature of their activities
- Sources of finance and income
- Any other relevant details deemed necessary by the bank
The bank will verify this information through trusted sources, including databases and official documents.
Public Shareholding Companies
Public shareholding companies are exempt from providing data on shareholders’ names and addresses, but must still provide information on shareholders owning more than 10% of the company’s capital.
Nonprofit Organizations
Nonprofit organizations must provide identification data, including:
- Name
- Legal form
- National number
- Headquarters address
- Type of activity
- Date of establishment
- Authorized signatories
The bank will verify this information through formal documents and official certificates issued by competent authorities.
Foreign Companies
Foreign companies that are not registered in the Kingdom and are permitted to operate inside Jordan will also be subject to stricter verification procedures, including obtaining a legal opinion from the bank’s legal department.
Customer Acceptance Policies
The new measures also include policies related to customer acceptance, which require branches to:
- Refer to approved lists of anti-terrorist financing and money laundering
- Verify that the customer’s name is not listed on any of these lists or similar names
Other Key Policies
Other key policies include:
- Obtaining original formal documents to support account opening applications
- Validating data and information through trusted sources
- Keeping copies of supporting documents
Restrictions and Prohibitions
The bank has also introduced restrictions on opening correspondence accounts for individuals residing in the same country where the branch operates, and prohibits digital accounts and anonymous banking relationships.
Commitment to Customer Interests
In a statement, Bank of Jordan said that these new measures are designed to protect customers’ interests and prevent financial crimes. “We take the integrity of our customers’ transactions very seriously and are committed to ensuring that all account openings and transactions are conducted in accordance with international standards and best practices,” the bank said.