Regulatory Alerts2021-01-14
Added · Updated
Central Bank of Jordan Circular on Ultimate Beneficial Owners of Shareholders
The Central Bank of Jordan mandates that all Jordanian banks create a special register to track ultimate beneficial owners, defined as natural persons owning or controlling 1% or more of the bank's capital. Banks must update this register within 10 working days of any changes and retain records for five years after the status ceases, while disclosing this data in annual reports. The circular establishes a sequential methodology for identifying beneficial owners through ownership, control, or senior management roles and exempts specific public entities and listed institutions. Banks must align existing records with these requirements within two months of the circular's issuance on January 14, 2021.
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