Regulatory Alerts2021-02-20
Added · Updated
Central Bank of Jordan: Guidelines for Identifying Beneficial Owners
The Central Bank of Jordan issues guidelines requiring financial institutions and other obligated entities to identify Ultimate Beneficial Owners (UBOs) of customers. A UBO is defined as any natural person owning or controlling 25% or more of shares or voting rights, exercising ultimate effective control, or, as a fallback, serving as a senior managing official. Institutions must verify UBO identities using reliable sources, maintain records for at least five years after the relationship ends, and report suspicions of money laundering or inability to identify a beneficial owner to authorities.