Bank of Jordan Group’s Director Plays Key Role in Monitoring Money Laundering Risk Profile

Overview

The Director of each unit, branch, or division at the Bank of Jordan Group has a crucial role to play in monitoring the money laundering risk profile, according to a new policy.

Policy Requirements

• The Director of the Compliance Department is responsible for performing regular monetary checks to verify the accuracy of the results.
• Submit periodic reports to the Risk Committee and the Board of Directors regarding units and divisions with weak monitoring environments.
• Monitor and submit reports on audit results, including any observations related to deviations arising from implementing the international financial sanctions compliance program.

Roles and Responsibilities

Compliance Department

• Responsible for:
  • Conducting regular monetary checks
  • Submitting periodic reports to the Risk Committee and the Board of Directors
  • Submitting results to the Money Laundering and Terrorism Financing Risk Profile and the Compliance Committee
  • Providing notifications and reporting procedures to competent authorities
  • Keeping records related to the financial sanctions compliance program

Inspection and Internal Audit Unit

• Responsible for:
  • Conducting audits and submitting reports to the Audit Committee regarding audit results
  • Identifying observations related to deviations arising from implementing the international financial sanctions compliance program

Awareness and Training

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• The policy emphasizes the importance of awareness and training for all employees.
• The Compliance Department, in coordination with the Training Unit, organizes periodic training courses to raise awareness among employees regarding:
  • International economic sanctions (concept, introduction, importance, risks, and employee roles)

Record Keeping

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• All documents, records, and reports related to the financial sanctions compliance program must be recorded, including:
  • Investigations
  • Verifications
  • Results
• The Compliance Department is responsible for keeping these records and providing them to competent authorities when requested.

Policy Review and Approval

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• The Compliance Department is responsible for annually reviewing the policy and amending it if necessary.
• The Board of Directors, represented by the competent committees, is responsible for approving the policy and amendments thereto.

Sub-Policies

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• In the event that local laws require a different policy than the master policy, or if a discrepancy appears that would not prevent the implementation of general rules, a sub-policy emanating from the master policy may be created.
• The competent unit/division empowered to oversee compliance requirements at foreign branches or subsidiaries shall create and approve the sub-policy in accordance with corporate governance rules applicable to that foreign branch or subsidiary.

Notifications

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• The compliance officer at the foreign branch or subsidiary is required to immediately notify the Compliance Department in the headquarter about any obstacles or limitations that might prevent or hinder compliance with international sanctions programs.