Jordanian Bank Adheres to Stricter Anti-Money Laundering Regulations

Strengthening Commitment to Combating Financial Crimes

Amman, Jordan - The Bank of Jordan Group has announced its compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, solidifying its commitment to combating financial crimes. This decision was made in response to best practices recommendations and the Wolfsberg AML principles for correspondent banking.

Compliance with Anti-Money Laundering and Counter Terrorism Financing Law

As a Jordanian entity, the Bank of Jordan is subject to all AML/CTF instructions issued by the Central Bank of Jordan and derived from the Anti-Money Laundering and Counter Terrorism Financing Law No. 46 for the year 2007. This requires the establishment of an independent program aimed at combating money laundering and financing terrorism.

Key Measures

The bank’s AML/CTF policy encompasses a range of measures, including:

• Customer Due Diligence (CDD): identifying customer identity, legal status, nature of business, purpose of the business relationship, and ultimate beneficiary.
• Enhanced Due Diligence (EDD): taken when a customer’s risk rating in money laundering and terrorist financing is high.
• International Financial and Economic Sanctions: monitoring tools used to detect, limit, and manage risks associated with international financial and economic sanctions.
• Training: continuous training programs for all employees on money laundering and terrorism financing.
• Audit: designed to anticipate and address any potential issues.

FATCA Compliance

The bank also complies with the Foreign Account Tax Compliance Act (FATCA), ensuring that it is in line with international standards.

Contact Information

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