Circular on Amendments to Direct Processing (STP) Procedures for Financial Transfers

10/4/3183
26/6/1441 AH
20/2/2020 AD

Circular to Banks Operating in the Kingdom

Amman

Greetings,

With reference to our Circular No. (1/1/5/7766) dated 1/6/2014 regarding the procedures for implementing the Purpose Code and Straight-Through Processing (STP) for financial transfers, we kindly inform you of the amendment to Item (Second/A+B) of the aforementioned circular, which relates to Straight-Through Processing (STP) for transfers, to read as follows:

Item (Second/A) is amended to read as follows:

"Full compliance with the provisions of the effective Anti-Money Laundering and Counter-Terrorist Financing instructions, especially those related to electronic transfers, and the retention of records and documents."

Item (Second/B) is amended to read as follows:

B/1: "Preparing the bank's operating systems to receive incoming transfers via (STP) that do not exceed an amount of (10,000) Jordanian Dinars or its equivalent in foreign currencies, and setting this ceiling within a variable (Parameter) so that it is available to the bank for modification according to the Central Bank's requirements.

B/2: The bank must review with the Central Bank to determine the ceiling allowed for its transactions, based on the bank's risk classification in the field of Anti-Money Laundering and Counter-Terrorist Financing as practiced by the Central Bank.

B/3: The Central Bank reserves the right to reconsider the modified ceiling for the bank, which has previously been communicated to it.

B/4: The necessity for the bank to retain policies, controls, and work procedures regarding Straight-Through Processing (STP) for transfers, approved by senior management, enabling the bank to manage and mitigate identified risks [arising from customer, country, or geographic region risks] and to supervise the application, reinforcement, and enhancement of these controls."

Please accept our highest regards,

Governor
Dr. Ziad Fries