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Bank of Jordan Implements Automated System to Monitor Financial Transactions

Amman, Jordan - In a move to strengthen its anti-money laundering and terrorism financing efforts, Bank of Jordan has introduced an automated system to monitor financial transactions on customers’ accounts.

Overview

The system was implemented in accordance with international regulations and standards, designed to detect and prevent suspicious transactions that may be linked to money laundering or terrorist activities.

Automated System Features

• Reviews all outgoing and incoming financial transactions performed from and to high-risk countries
• Verifies whether these transactions comply with international resolutions and sanctions

Compliance Commitment

• Reports any potential breaches of international sanctions to relevant authorities and bodies
• Maintains records of all investigations, verifications, and notifications made in accordance with the policy

Training Program for Employees

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To ensure that employees understand their roles and responsibilities in complying with international economic sanctions, the bank has launched a comprehensive training program. The program covers:

• Concept of international economic sanctions
• Introduction to international committees
• Importance of complying with international economic sanctions

Risks and Consequences

• Explains the risks associated with breaching international economic sanctions
• Discusses the consequences of non-compliance

Employee Requirements

• Employees are required to complete the training program
• Maintain records of participation for at least five years

Policy Review and Approval

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The bank’s policy on international sanction compliance will be reviewed annually by the compliance department and approved by the Board of Directors. The policy is designed to be a master policy for all members of Bank of Jordan Group, including foreign branches and subsidiaries.

• In the event of local laws requiring a different policy, or in case of discrepancies, the bank may create a sub-policy
• Sub-policies will take into consideration stricter instructions and shall be approved by the competent unit/division empowered to oversee compliance requirements at the foreign branch or subsidiary

Coordination with Compliance Department

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The compliance officer at the foreign branch or subsidiary is required to commit to immediately notifying the compliance department in headquarters about any obstacles or limitations that may prevent or hinder compliance with international sanction programs.

• Regular coordination will be performed with the compliance department in headquarters to ensure consistency and compliance with international regulations

Conclusion

By implementing this automated system, Bank of Jordan demonstrates its commitment to preventing money laundering and terrorist financing activities, while also ensuring compliance with international regulations and standards.