Regulatory Alerts2022-01-25
Added · Updated
Circular on Reporting Fraud, Forgery, and Theft to Competent Authorities and the Central Bank of Jordan
The Central Bank of Jordan mandates licensed banks to immediately report all cases of embezzlement, forgery, theft, and fraud to both security authorities and the Central Bank, requiring independent notifications and specific documentation of occurrence dates. Banks must also inform the Central Bank of incidents where they are not a party but are responsible for deciding on legal actions based on legal advisor opinions, while continuing to notify the Anti-Money Laundering and Terrorist Financing Unit. This directive repeals previous circulars numbered 9652/4/2/10, 2728/4/10, and 12018/4/10.