Regulatory Alerts2021-01-14
Added · Updated
Central Bank of Jordan Circular on Ultimate Beneficial Owner Identification and Disclosure
The Central Bank of Jordan mandates that all operating Jordanian banks establish and maintain detailed records of ultimate beneficial owners, defined as natural persons owning or controlling 1% or more of the bank's capital. Banks are required to update these records within 10 working days of any changes and retain them for five years after the status ceases, while disclosing the data in annual reports. The circular specifies a sequential identification methodology, data collection requirements, and exemptions for certain public entities and listed financial institutions, with a two-month deadline for initial compliance.
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