Jordanian Banking Sector Adheres to Strict Compliance Rules

The Bank of Jordan Takes Proactive Measures

Amman, Jordan - The Bank of Jordan has made significant strides in ensuring that its operations align with the country’s banking compliance rules by establishing a dedicated Compliance Department.

Key Features of the Compliance Department

• Reports directly to the Compliance Committee, chaired by the bank’s Board of Directors
• Submits periodic reports on various business areas, including:
  • Regulatory compliance
  • Anti-money laundering and terrorist financing
  • Financial crimes
  • Customer complaints handling
• Equipped with a team of qualified and trained professionals
• Utilizes advanced automated systems to effectively manage compliance risks

Continuous Development and Review

• The bank’s compliance policy is continuously developed and reviewed by the Board of Directors
• Ensures that all employees are aware of their roles and responsibilities in maintaining regulatory adherence
• Automated risk management system based on Risk-Based Assessment (RBA) methodology
• Compliance Monitoring Program provides the Board of Directors with reasonable assurance that major compliance risks are being managed effectively

Communication and Training

• Communicates changes to regulations and instructions to all stakeholders, including:
  • Business units
  • Executive departments
  • Board of Directors
• Promotes a culture of compliance through guidance, advice, and clarification on laws and regulations
• Offers continuous training programs to employees to ensure they have the necessary skills and knowledge to maintain compliance

Inter-Departmental Coordination

• Coordinates closely with other control functions, including:
  • Internal audit department
  • Risk management department
• Ensures that all aspects of the bank’s operations are compliant with regulatory requirements

Global Compliance Presence

• Appointed a compliance officer in each external jurisdiction who reports directly to the head office’s Compliance Department
• Ensures that compliance programs are implemented effectively across all subsidiaries
• Submits periodic reports to the Compliance Committee for review by the Board of Directors

Commitment to Regulatory Adherence

By adhering to these strict compliance rules, The Bank of Jordan is demonstrating its commitment to maintaining a robust regulatory framework that safeguards the interests of its customers, stakeholders, and the country’s financial system as a whole.