Regulatory Alerts2019-04-21
Added · Updated
Central Bank of Jordan Circular on Identifying Commercial Use of Personal Accounts
The Central Bank of Jordan issued Circular Ref No. 7734/10/15 to banks operating in the Kingdom, requiring them to incorporate specific indicators of commercial activity into their approved policies, automated systems, and employee training. These indicators, provided in an attached appendix, help banks determine if natural persons are exploiting personal accounts for prohibited commercial transactions or unlicensed exchange operations. Banks must continuously monitor account movements against KYC declarations and consult legal advisors regarding the definition of traders under Commercial Law No. 12 of 1966 to ensure compliance with Anti-Money Laundering Instructions No. 14/2018.