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Bank of Jordan Tightens Customer Identification and Acceptance Policies

Amman, Jordan - The Bank of Jordan has introduced new policies aimed at strengthening its customer identification and acceptance procedures to ensure compliance with anti-money laundering and counter-terrorism financing regulations.

Enhanced Customer Verification Procedures

According to the new policy, customers seeking to open an account with the bank must provide a range of documentation, including:

  • Memoranda and articles of association
  • Certificates issued by:
    • Ministry of Industry, Trade and Supply
    • Amman Chamber of Commerce
    • Amman Chamber of Industry
  • Verification of customer addresses through visits to their headquarters and obtaining profession licenses

Identification Requirements for Authorized Persons

Customers must provide identification data for authorized persons, including:

  • Names
  • Nationalities
  • Phone numbers
  • Purpose of dealing with the account

For customers registered outside of Jordan, formal certificates from competent authorities are required.

Exemptions and Special Cases

The new policy excludes public shareholding companies from providing information on shareholders’ names, addresses, and shares. Instead, it requires data on:

  • Shareholders owning more than 10% of the company’s capital
  • Undertaking to provide the bank with data on any shareholder whose shareholding falls within the said percentage

For nonprofit organizations, the bank requires identification data including:

  • Organization name
  • Legal form
  • National number
  • Headquarters address
  • Type of activity
  • Date of establishment

The bank will also verify that the organization is legally existing through formal documents and information contained in certificates issued by the Ministry of Social Development or other competent authorities.

For foreign, unregistered companies not permitted to operate inside Jordan, the bank will:

  • Ensure compliance with laws and regulations in force
  • Take into consideration the nature of transactions conducted through their accounts
  • Obtain a legal opinion from its legal department

Verification Procedures

The policy outlines procedures for verifying customer data through bias and trusted sources, including:

  • Contacting competent authorities
  • Referencing the website for the registry of nonprofit organizations

Measures to Prevent Money Laundering and Terrorist Financing

The bank has implemented measures to prevent money laundering and terrorist financing, including:

  • Referencing the approved Unified List related to anti-terrorist financing and Money Laundering
  • Lists issued by the Security Council prior to commencing or continuing a banking relationship

Prohibited Activities

The policy prohibits:

  • Opening digital accounts or establishing banking relationships with anonymous persons or fake identities
  • Leasing safe deposit boxes for non-customers

Commitment to Compliance

The Bank of Jordan has emphasized that it takes customer identification and acceptance procedures seriously, and will take all necessary steps to ensure compliance with anti-money laundering and counter-terrorism financing regulations.