Regulatory Alerts2022-04-07
Added · Updated
Central Bank of Jordan Circular on Ultimate Beneficial Ownership Disclosure
The Central Bank of Jordan mandates that all operating Jordanian banks identify and maintain records of natural persons owning or controlling 1% or more of a bank's capital. Banks must establish a dedicated registry containing detailed personal, financial, and control information for these ultimate beneficiaries, updating it within 10 working days of any changes and retaining records for five years after the status ends. The circular specifies a sequential identification methodology, defines disclosure requirements for annual reports, and grants exemptions for certain government entities and listed financial institutions. Banks are required to align their existing records with these provisions within two months and face penalties under the Banking Law for non-compliance.