Financial Crime World

Jordanian Regulations Emphasize Importance of Identity Verification in AML/KYC Compliance

Amman, Jordan - A Move to Combat Money Laundering and Terrorist Financing

In an effort to combat money laundering and terrorist financing, the government of Jordan has emphasized the significance of identity verification in anti-money laundering (AML) and know-your-customer (KYC) compliance. According to new regulations, financial institutions and businesses must verify the identities of their customers and maintain records for at least five years.

Shufti Pro Offers Advanced Identity Verification Solution

To assist businesses in complying with these regulations, Shufti Pro has introduced a comprehensive identity verification solution. The company’s document verification service checks the authenticity of submitted documents by examining security features such as holograms, tapered edges, and microprinting. Additionally, Shufti Pro extracts information from commercial registers or official records to verify the identities of legal persons or partnerships.

Documents Required for Verification

In Jordan, the following documents are considered proof of identity:

  • A valid passport
  • Current driving license
  • National identity card

For address verification, the following documents are accepted:

  • Utility bills
  • Government-issued documents
  • Bank statements (no older than three months)

Timing of Verification

Identity verification is not a one-time process, but rather a multiple-instance requirement under Jordanian regulations. Businesses must apply identity verification procedures during:

  • Onboarding
  • Transactions
  • High-risk situations

Shufti Pro’s identity verification service can be tailored to meet specific business needs.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures

Under the enhanced due diligence requirements, businesses are required to determine if customers are PEPs or exhibit a higher risk profile. Shufti Pro provides an AML screening service that screens against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

While clients may choose to seek services from third-party providers for fulfilling AML/KYC obligations, they remain liable for maintaining regulatory compliance and fulfilling AML and KYC requirements.

Record Retention

Jordanian regulations require businesses to retain data for at least five years. In cases where information is processed, collected, and managed by a third-party provider, businesses are responsible for collecting all necessary information without undue delay.

Shufti Pro’s identity verification solution helps businesses in Jordan comply with these regulations, ensuring a safer and more secure financial landscape.