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Bank’s Ability to Provide Information on Customers and Transactions
Jordan’s financial regulatory authorities have strict guidelines in place for banks to maintain transparency and prevent illegal activities such as money laundering and terrorist financing.
Compliance Requirements
According to Jordan’s Anti-Money Laundering and Countering Terrorist Financing Law 2007, banks are required to apply necessary policies and procedures to avoid risks related to non-face-to-face dealings with customers. This includes:
- Verifying customer identities
- Monitoring transactions for suspicious activity
Banks must also report any suspicious transactions to the Anti-Money Laundering & Counter Terrorist Financing Unit, a specialized unit responsible for investigating and preventing money laundering and terrorist financing activities.
Obtaining Authority for Suspicious Transactions
In addition, banks must obtain authority to proceed with a current or ongoing transaction that is identified as suspicious. The Anti-Money Laundering & Counter Terrorist Financing Unit will review the transaction and recommend whether to proceed or not.
Record-Keeping Requirements
The law also requires banks to maintain accurate records of customer information and transactions, including:
- Identification documentation
- Proof of address
This information can be requested by authorities in the event of an investigation or audit.
Data Protection Limitations
While there are no specific data protection laws in Jordan, the country’s Constitution recognizes a limited right to privacy, which must be circumscribed by laws to be claimable. However, this does not necessarily mean that personal data cannot be shared with authorities for legitimate purposes.
Conclusion
In conclusion, banks in Jordan are required to maintain accurate records of customer information and transactions and report any suspicious activity to the Anti-Money Laundering & Counter Terrorist Financing Unit. While there may be some limitations on the transfer of personal data, banks are ultimately required to comply with regulations aimed at preventing illegal activities such as money laundering and terrorist financing.