Regulatory Alerts2020-02-20
Added · Updated
Circular on Amendments to Direct Processing (STP) Procedures for Financial Transfers
The Central Bank of Jordan amends Circular No. (1/1/5/7766) to impose full compliance with Anti-Money Laundering and Counter-Terrorist Financing instructions and mandate record retention for Straight-Through Processing (STP). Banks must configure operating systems to allow STP for transfers not exceeding 10,000 Jordanian Dinars or its equivalent, with this ceiling set as a variable parameter subject to Central Bank requirements. The allowed transaction ceiling is determined through review with the Central Bank based on the bank's risk classification, and the Central Bank reserves the right to reconsider any modified ceilings. Banks are required to retain senior management-approved policies and controls to manage risks arising from customers, countries, or geographic regions.