Regulatory Alerts2015-09-22
Added · Updated
Instructions No. 1 of 2015 on Forms and Means for Reporting Suspicious Transactions Related to Money Laundering or Terrorist Financing
The Anti-Money Laundering and Counter-Terrorist Financing Unit of Jordan issued Instructions No. 1 of 2015, effective October 1, 2015, to replace Instructions No. 2 of 2011. These instructions mandate that entities subject to the law report suspicious transactions using specific forms and electronic or paper systems, requiring detailed data on customers, transactions, and beneficial owners. The rules enforce strict confidentiality to prevent tipping off, prohibit cash withdrawals by suspected customers upon account closure requests, and specify password security standards for electronic reporting. Non-compliance with reporting requirements results in the return of notifications without action, while violations are subject to penalties under the Anti-Money Laundering and Counter-Terrorist Financing Law.