Bank of Jordan Toughens Up Customer Identification and Acceptance Policies
New Measures to Enhance Transparency and Prevent Financial Fraud
Amman, Jordan - The Bank of Jordan has announced new policies for customer identification and acceptance, aimed at enhancing transparency and preventing financial fraud.
Thorough Verification Processes
Under the new rules, customers seeking to open bank accounts or establish a banking relationship with the Bank of Jordan will be required to provide extensive documentation and undergo thorough verification processes. The bank’s officials explained that these measures are designed to ensure that all customers are properly identified and verified to prevent money laundering, terrorist financing, and other financial crimes.
Required Documents
The new policies require customers to provide a range of documents, including:
- Identification papers
- Proof of address
- Business licenses
- Certificates issued by relevant authorities
Additionally, the bank’s officials will conduct on-site visits to verify customer addresses and profession licenses.
Stricter Requirements for Non-Profit Organizations and Foreign Companies
Non-profit organizations seeking to open accounts in Jordan will be required to provide detailed information about their activities, sources of funding, and authorized signatories. Foreign companies that are not permitted to operate in Jordan will be required to obtain a legal opinion from the bank’s legal department before opening an account.
Anti-Money Laundering and Terrorism Financing Screening
The Bank of Jordan has also implemented a new policy requiring all customers to undergo anti-money laundering and terrorism financing screening before establishing a banking relationship. The bank will refer to approved lists and databases to verify customer identities and ensure that they are not listed as terrorists or individuals involved in financial crimes.
Prohibited Accounts and Activities
The new policies prohibit the opening of:
- Digital accounts
- Anonymous accounts
- Accounts for non-existent entities
The bank has also restricted the leasing of safe deposit boxes to its customers only.
Conclusion
The Bank of Jordan’s decision to tighten up its customer identification and acceptance policies is seen as a major step towards enhancing financial transparency and preventing financial crimes in the Kingdom.