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Jordan’s Bank of Jordan Group Complies with Anti-Money Laundering and Counter Terrorist Financing Regulations

Amman, Jordan - In a move to demonstrate its commitment to combating money laundering and terrorist financing, the Bank of Jordan Group has announced that it is fully compliant with anti-money laundering (AML) and counter terrorist financing (CFT) regulations.

AML/CFT Program

According to a statement issued by the bank, it has established an independent program aimed at preventing the misuse of its banking services for illegal activities. The program includes measures such as:

• Customer due diligence
• Continuous monitoring of accounts
• Risk-based customer classification

The bank’s AML/CFT program also requires employees to undergo training on money laundering and terrorism financing prevention, and it conducts regular internal audits to ensure compliance with regulations.

Enhanced Due Diligence Measures

The Bank of Jordan Group takes enhanced due diligence measures when dealing with customers who pose a higher risk of money laundering or terrorist financing. These measures include:

• Obtaining approval from senior management before establishing or continuing relationships with such customers
• Conducting additional verification and monitoring of transactions

International Sanctions Program

The bank has also implemented an international financial and economic sanctions program to prevent the misuse of its services for illegal activities. The program includes a database of sanctions imposed by:

• Office of Foreign Assets Control (OFAC)
• United Nations
• European Union

All business lines that may be affected by these sanctions are required to comply with the program.

Training and Record Keeping

The bank provides regular training to its employees on AML/CFT regulations and conducts internal audits to ensure compliance. It also retains records of all transactions and documents for a minimum period of five years as required by law.

FATCA Compliance

The Bank of Jordan Group is also compliant with the Foreign Account Tax Compliance Act (FATCA) and has entered into an FFI Agreement with the relevant authorities. The bank’s FATCA status is listed below:

The bank’s FATCA compliance is a further demonstration of its commitment to transparency and cooperation with international authorities in the fight against tax evasion and other financial crimes.

Contact Information

For more information, please contact Ms. Lana Al-Barishi, Compliance Department Manager at LBarishi@bankofjordan.com.jo.