Regulatory Alerts2021-09-20
Added · Updated
Anti-Money Laundering and Counter-Terrorism Financing Instructions in Insurance Activities No. 2 of 2016
The Minister of Industry, Trade and Supply issued Instructions No. 2 of 2016 mandating insurance companies to implement customer due diligence, risk-based controls, and enhanced measures for politically exposed persons. The regulations define specific thresholds for simplified due diligence, such as annual premiums not exceeding 1,000 JOD for life insurance or 3,000 JOD for general insurance, and require the reporting of suspicious transactions to the Anti-Money Laundering and Counter-Terrorism Financing Unit. These obligations apply to all insurance entities operating in Jordan to prevent the misuse of insurance products for money laundering or terrorism financing.