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Compliance with International Sanctions a Top Priority for Jordan’s Bank Sector
In light of growing concerns over terrorism financing and money laundering, Jordan’s banking sector has been taking concrete steps to ensure compliance with international sanctions.
The Bank of Jordan’s Commitment to Excellence
The Bank of Jordan has implemented a comprehensive sanctions compliance program aimed at preventing any involvement in illicit activities. The bank’s policies are based on a commitment to excellence and a belief in its role as a responsible player in the global economic system.
Zero-Tolerance Approach
As part of its efforts, the bank has adopted a zero-tolerance approach towards non-compliance with international sanction programs imposed by UN Security Council resolutions and other international committees. The bank’s board of directors has approved a sanctions compliance group policy that is disseminated to all employees and managerial levels.
Policies and Procedures
The bank’s policies are designed to:
- Prevent transactions with individuals or entities listed on UN sanctions lists
- Freeze assets of sanctioned governments or institutions
- Prohibit dealings with countries subject to international sanctions
- Comply with sanctions issued by OFAC, the US Department of Treasury, and the European Union within the limits binding on it
Independent Sanctions Compliance Function
The Bank of Jordan has established an independent function within its compliance department to:
- Verify the application of its sanctions program
- Follow up on international updates and amendments
- Monitor customer transactions
- Identify potential risks
- Implement corrective measures
Automated Systems
To further strengthen its compliance efforts, the bank has implemented automated systems that provide real-time access to international lists of individuals and entities listed on embargo lists. These systems integrate with customer onboarding channels to:
- Prevent new clients from being listed on such lists
- Continuously verify that no pre-existing clients have been listed after account opening
Clear Work Procedures
The bank’s compliance program also includes clear work procedures for handling clients who become listed on embargo lists, as well as periodic updates of its sanctions list and enhanced due diligence measures for high-risk countries.
Internal Audits and Training
Internal audits are conducted to ensure the adequacy of the bank’s procedures. Continuous training programs are also provided to employees to ensure awareness of international sanctions requirements.
Conclusion
The Bank of Jordan’s commitment to complying with international sanctions reflects its role as a responsible financial institution in the region, and demonstrates its dedication to upholding global standards against money laundering and terrorism financing.