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

Strengthening Anti-Money Laundering and Counter-Terrorism Financing Efforts

The Bank of Jordan Group has implemented a comprehensive policy aimed at ensuring compliance with international financial sanctions, strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.

Regular Monitoring and Reporting

• The bank’s compliance department will conduct regular monitoring checks to verify the accuracy of results and identify any potential risks.
• Periodic reports will be submitted to the risk committee and audit committee, highlighting units and divisions that require upgrading their monitoring environments.

Employee Training and Awareness

• The compliance department has organized a series of courses focusing on international economic sanctions, including their concept, importance, and employee roles in achieving compliance.
• Employees are required to notify the compliance department if they suspect any transactions may breach international financial sanctions.

Record Keeping and Reporting Procedures

• The bank will maintain records of all documents, reports, and investigations related to its financial sanctions compliance program.
• Records will be kept for at least five years, including:
  • Names of trainees
  • Trainers
  • Training materials
  • Dates
  • Locations
• Notifications and reporting procedures will be maintained for competent authorities and bodies.

Annual Review and Approval

• The policy will undergo an annual review by the compliance department and approval by the Board of Directors’ committees.
• The Master Policy will serve as a guide for all members of the Bank of Jordan Group, including foreign branches and subsidiaries, while taking into consideration laws and regulations of hosting countries.

Foreign Branches and Subsidiaries

• In cases where local laws differ from or conflict with the terms of this policy, foreign branches and subsidiaries are entitled to create a sub-policy that is consistent with the stricter instructions.
• The compliance department at the headquarter will maintain coordination with these entities to ensure compliance with international financial sanctions.

Commitment to Combating Money Laundering and Terrorism Financing

The Bank of Jordan Group’s commitment to combating money laundering and terrorism financing has been reinforced through this comprehensive policy, ensuring a safer and more secure banking environment for all stakeholders.