Bank of Jordan Implements Advanced System to Monitor Financial Transactions
Enhancing Efforts to Prevent and Detect Sanctions Breaches
The Bank of Jordan has announced the implementation of an automated system to monitor financial transactions performed on customers’ accounts within specific scenarios. This move is aimed at enhancing the bank’s efforts to prevent and detect potential breaches of international economic sanctions.
Key Features of the System
- Reviews all outgoing and incoming financial transactions performed from and to high-risk countries to ensure compliance with anti-money laundering and terrorism financing regulations.
- Establishes a notification process to inform the Central Bank of Jordan’s Anti-Money Laundering and Terrorism Financing Committee in case of any potential breach.
Employee Training Program
To ensure effective implementation, the bank has introduced a comprehensive training program for its employees on international economic sanctions, their importance, and the risks associated with breaching them. The training program covers topics such as:
- Concept of international economic sanctions
- Role of international committees in issuing sanctions
- Employee’s responsibility in achieving compliance
Record Keeping and Reporting
The bank will maintain detailed records of all financial transactions, investigations, and verifications related to the sanctions compliance program for at least five years. These records will be made available to relevant authorities upon request.
Master Policy on International Sanctions Compliance
- Applicable to all members of Bank of Jordan Group, including foreign branches and subsidiaries.
- Takes into consideration local laws and regulations in hosting countries where foreign branches and subsidiaries are located.
- In the event of any conflict between the terms of this policy and the laws of a hosting country, the stricter instructions will apply.
Conclusion
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The Bank of Jordan’s commitment to implementing an advanced system to monitor financial transactions demonstrates its dedication to maintaining transparency and integrity in its operations. The bank’s efforts to prevent and detect potential breaches of international economic sanctions will help ensure a safer and more secure financial environment for its customers and the wider community.