Bank of Jordan Implements Advanced System to Monitor Financial Transactions and Combat Money Laundering

Amman, Jordan - Bank of Jordan has announced the implementation of a cutting-edge automated system designed to monitor financial transactions and combat money laundering and terrorism financing.

Enhanced Detection Capabilities

The new system is capable of detecting suspicious transactions within specific scenarios, including those performed from and to high-risk countries. The bank’s anti-money laundering and terrorism financing unit will review these transactions to ensure compliance with international regulations.

Enhanced Reporting and Notification Procedures

As part of the initiative, Bank of Jordan has implemented enhanced reporting and notification procedures. The bank will report any verification processes that result in a match or similarity between transactions to the competent authorities and bodies.

• Employees have undergone training on the importance of complying with international economic sanctions, the risk of breaching these sanctions, and their role in achieving compliance.
• The bank’s employees are now equipped to identify and prevent suspicious transactions, ensuring a secure and transparent financial system for customers and stakeholders.

Record Keeping and Policy Review

The bank has also implemented a comprehensive record-keeping system for all documents, records, and reports related to its financial sanctions compliance program. The compliance department is responsible for keeping these records and providing them to competent authorities or relevant bodies upon request.

• The bank’s policy on international sanction compliance will be reviewed annually by the compliance department and approved by the Board of Directors.
• This ensures that the bank remains compliant with international regulations and maintains a secure financial environment for its customers and stakeholders.

Global Reach

The policy applies to all members of Bank of Jordan Group, including foreign branches and subsidiaries. In cases where local laws in hosting countries differ from or conflict with the terms of this policy, the stricter instructions shall apply.

• Foreign branches and subsidiaries are entitled to create their own policies that emanate from this master policy and comply with local laws.
• This ensures a consistent approach to combating money laundering and terrorism financing across all Bank of Jordan Group entities.

Conclusion

Bank of Jordan’s commitment to combating money laundering and terrorism financing is a testament to its dedication to maintaining a secure and transparent financial system for its customers and stakeholders. The implementation of this advanced system demonstrates the bank’s ongoing efforts to stay ahead of the curve in anti-money laundering and terrorism financing regulations, ensuring a safe and secure banking environment for all.