Regulatory Alerts2011-01-24
Added · Updated
Anti Money Laundering and Counter Terrorism Financing Regulation for Money Exchange Companies No. 2/2010
The Central Bank of Jordan issues Regulation No. 2/2010 to impose anti-money laundering and counter-terrorism financing obligations on licensed money exchange companies. The regulation mandates customer due diligence for transactions exceeding JD 10,000 or involving suspicious activity, requiring identity verification and record retention for at least five years. It establishes strict protocols for international transfers over JD 700, including originator information requirements, and prohibits tipping off customers regarding suspicious transaction reports. Additionally, money changers must implement internal compliance systems, designate a Money Laundering Reporting Officer, and ensure continuous staff training.