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Jordanian Bank Complies with Anti-Money Laundering Regulations

The Bank of Jordan Group has announced its compliance with anti-money laundering (AML) regulations, as recommended by international best practices and the Wolfsberg AML principles for correspondent banking.

Compliance with International Standards

As a Jordanian entity, the bank is subject to all anti-money laundering and counter-terrorism financing instructions issued by the Central Bank of Jordan, derived from the Anti-Money Laundering and Counter Terrorism Financing Law No. (46) for 2007. The law requires the establishment of an independent program aimed at combating money laundering and the financing of terrorism by banks and financial institutions.

AML Program

The AML program covers all members of the Bank of Jordan Group, including foreign branches and subsidiaries, and represents the guidelines that should be complied with, taking into consideration the laws and regulations of the host country where the foreign branch or affiliate is located. In case of inconsistency, any provisions of this policy with the laws and instructions of the host country shall be observed.

The program includes:

• Customer due diligence (CDD)
• Risk-based customer classification
• Continuous monitoring of accounts and operational transactions
• Enhanced due diligence measures for high-risk customers

International Financial and Economic Sanctions Program

The bank has also implemented an international financial and economic sanctions program, which includes a database of sanctions imposed by various authorities, including the Office of Foreign Assets Control, United Nations, and European Union. The sanctions screening is a monitoring tool used to detect, limit, and manage risks associated with sanctions.

Employee Training and Awareness

Furthermore, the bank has prepared and implemented a continuous training program for all employees on money laundering and terrorism financing, as well as specialized workshops matching employee levels according to their respective work nature. Records of all training programs are maintained for at least five years.

Additionally, the bank has an audit function to ensure that all employees and officers in charge are aware of ML/TF trends and suspicious transactions, and maintains records of ongoing relations and banking transactions for a minimum period of five years.

FATCA Compliance

The bank is also compliant with the Foreign Account Tax Compliance Act (FATCA) and has entered into an FFI Agreement, as shown in the table below:

For more information on the Bank of Jordan’s AML certification, please contact Ms. Lana Al-Barishi, Compliance Department Manager, at LBarishi@bankofjordan.com.jo.