Regulatory Alerts2022-01-26
Added · Updated
Circular on Reporting Fraud, Forgery, and Money Laundering Cases to Authorities
The Central Bank of Jordan mandates that licensed banks immediately notify both competent security authorities and the Central Bank of any cases of embezzlement, forgery, theft, or fraud, with the Central Bank notification required to be independent of the security authority report. The regulation assigns responsibility for reporting forgery to the bank that discovered the fraud and conducted the investigation, while requiring banks to inform the Central Bank of similar cases where they are not a party but must decide on legal measures based on legal advice. This circular also reinforces the obligation to report to the Anti-Money Laundering and Counter-Terrorism Financing Unit under Law No. (20) of 2021 and explicitly repeals three prior circulars dated 2008, 2019, and 2019.