Bank of Jordan Tightens Customer Acceptance Rules
In an effort to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) measures, the Bank of Jordan has introduced new rules governing customer acceptance.
Enhanced Identification Requirements
Under the new guidelines, customers seeking to open a bank account with the Bank of Jordan will be required to provide a range of identification documents, including:
- Proof of identity
- Address proof
- Profession proof
The bank will also conduct thorough background checks on customers and their authorized representatives to ensure they are not listed on any anti-terrorism or money laundering watchlists.
Preventing Misuse of Banking Services
The new rules aim to prevent the misuse of banking services by individuals and entities involved in illegal activities. According to the guidelines, customers will be required to provide original documents, which will be verified and annotated by the bank’s staff. The bank will also conduct its own verification checks using trusted sources, including:
- Government databases
- Other financial institutions
New Rules for Non-Profit Organizations
The Bank of Jordan has also introduced new rules for non-profit organizations, requiring them to provide detailed information about their activities, funding sources, and authorized representatives. The bank will verify this information through formal documents and consultations with relevant authorities.
Restrictions on Digital Accounts and Anonymous Entities
In addition, the bank has banned the opening of digital accounts, as well as establishing banking relationships with:
- Anonymous persons
- Entities listed on anti-terrorism watchlists
Safe Deposit Boxes and Customer Information
The new guidelines also prohibit leasing safe deposit boxes to non-customers of the Bank of Jordan. Customers who wish to rent a box must provide detailed information about their purpose and history with the bank.
Commitment to AML/CFT Compliance
The Bank of Jordan has emphasized that its new rules are designed to ensure the integrity of the financial system and prevent the misuse of banking services. The bank is committed to complying with all relevant AML/CFT regulations and will continue to work closely with regulatory authorities to stay ahead of emerging threats.
“We take our responsibility to combat money laundering and terrorist financing very seriously,” said a Bank of Jordan spokesperson. “Our new guidelines are designed to ensure that we are doing everything possible to prevent the misuse of banking services and maintain the integrity of the financial system.”