Bank of Jordan Introduces Advanced Automated System to Monitor Financial Transactions

Amman, Jordan - In an effort to enhance its compliance with international financial sanctions and anti-money laundering regulations, Bank of Jordan has implemented a cutting-edge automated system to monitor executed financial transactions on customers’ accounts.

Enhanced Monitoring and Reporting

The new system is designed to detect and prevent suspicious transactions, particularly those performed from and to high-risk countries. The system will review all outgoing and incoming transactions and flag any that may be related to money laundering or terrorism financing.

• Real-time reporting and notification to the Central Bank of Jordan’s anti-money laundering department and other relevant authorities
• Notifications on suspicious transactions
• Periodic reports on the bank’s compliance with international financial sanctions

Record Keeping and Policy Review

All documents, records, and reports related to the bank’s financial sanctions compliance program will be kept for at least five years. The compliance department is responsible for maintaining these records and providing them to relevant authorities upon request.

• Annual review of the policy by the compliance department and amendments as necessary
• Approval by the Board of Directors to ensure that the policy remains up-to-date and compliant with international regulations

International Sanctions Compliance

Bank of Jordan’s new system is part of its commitment to complying with international financial sanctions and anti-money laundering regulations. The bank has established a master policy for all members of the Bank of Jordan Group, including foreign branches and subsidiaries.

• Guidelines that must be followed by all members of the Bank of Jordan Group
• Creation of sub-policies where local laws conflict with international regulations
• Coordination between the compliance department at headquarters and foreign branches and subsidiaries to ensure alignment with international regulations

Compliance Officer Responsibilities

The compliance officer at each foreign branch or subsidiary is responsible for:

• Notifying the compliance department in the headquarter of any obstacles or limitations that may prevent or hinder compliance with international sanction programs
• Ensuring that all policies are aligned and compliant with international regulations

The new system marks a significant step forward in Bank of Jordan’s efforts to maintain its commitment to transparency, accountability, and compliance with international financial regulations.