Bank of Jordan Issues New Guidelines for Identifying Customers and Opening Bank Accounts

Amman, Jordan - The Bank of Jordan has issued new guidelines for identifying customers and opening bank accounts, aimed at ensuring compliance with anti-money laundering and terrorist financing regulations.

The Bank of Jordan has introduced several measures to strengthen its customer identification and account opening processes. These measures are designed to prevent money laundering and terrorist financing, while also ensuring the security and integrity of its customers’ accounts.

Customer Identification Requirements

• All non-Jordanian customers must provide proof of identity in the form of a valid passport or other government-issued identification.
• Non-Jordanian customers must also provide a pledge of authenticity for their identification documents.
• Customers must sign their account opening application.

Additional Requirements for Foreign Companies

• Foreign companies that are not permitted to operate inside Jordan will be required to provide a legal opinion from the Bank of Jordan’s legal department confirming their compliance with Jordanian laws and regulations.
• The bank will screen all customer applications against international sanctions lists, as well as lists of individuals and organizations suspected of involvement in terrorist financing or money laundering.

Prohibited Individuals and Entities

• The Bank of Jordan has issued a list of prohibited individuals and entities, which includes:
  • Individuals and organizations listed on international sanctions lists.
  • Those suspected of involvement in terrorist financing or money laundering.
• The bank will screen all customer applications against this list before opening a new account.

Verification of Customer Data

• The guidelines emphasize the importance of verifying the correctness of the data and information obtained from customers through reliable sources, including:
  • Government databases.
  • Utility bills.

Digital Accounts and Safe Deposit Boxes

• The bank has banned the opening of digital accounts.
• Non-customers are prohibited from leasing safe deposit boxes.
• In the event that an old customer wishes to rent a safe deposit box, they must provide information about their purpose for doing so.

Dormant Accounts

• Customer’s accounts with credit balances will be deemed frozen (dormant) if no deposit or withdrawal transactions are performed on the account within a certain period.

Commitment to Security and Integrity

The Bank of Jordan has emphasized its commitment to ensuring the security and integrity of its customers’ accounts, while also complying with international regulations aimed at preventing money laundering and terrorist financing.