Financial Crime World

Here is the rewritten article in markdown format:

What is a Suspicious Transaction in Jordan?

The Anti-Money Laundering and Counter-Terrorist Financing Law in force requires reporting entities to maintain confidentiality when submitting Suspicious Activity Reports (SARs). A SAR form must be filled out by individuals or entities trading in precious metals and stones. This article provides an overview of what constitutes a suspicious transaction in Jordan.

Identifying a Suspicious Transaction

A suspicious transaction is defined as any financial activity that raises concerns about money laundering, terrorist financing, or other illicit activities. This includes transactions involving the sale or purchase of precious metals and stones, such as gold, diamonds, and gems.

Types of Suspicious Transactions

The SAR form requires reporting entities to specify the type of suspicious transaction they are reporting. The following types of transactions may be considered suspicious:

  • Forgery
  • Embezzlement
  • Fraud
  • Manipulating financial markets
  • Organized crime
  • Terrorist financing
  • Theft
  • Illicit trafficking in weapons
  • Trafficking in humans or drugs
  • Other (specify)

Reporting a Suspicious Transaction

When reporting a suspicious transaction, the entity must provide detailed information about the transaction. This includes:

  • The date and value of the transaction
  • The type of transaction (e.g., sale or purchase)
  • The method of payment used
  • The name and ID details of the person involved
  • A brief description of the transaction

Actions to be Taken

Reporting entities must take certain actions when a suspicious transaction is identified. These include:

  • Freezing any assets related to the transaction
  • Conducting further investigation into the transaction
  • Reporting the transaction to the relevant authorities

Consequences of Not Reporting Suspicious Transactions

Failure to report suspicious transactions can result in serious consequences, including fines and criminal prosecution.

In conclusion, a suspicious transaction in Jordan is defined as any financial activity that raises concerns about money laundering or terrorist financing. Reporting entities must take steps to identify and report such transactions, and failure to do so can have serious consequences.