Regulatory Alerts2022-02-23
Added · Updated
Instructions of Anti Money Laundering and Countering Terrorism Financing for Microfinance Companies No. (8) Of 2020
The Central Bank of Jordan issues Instructions No. (8) of 2020, establishing mandatory Anti-Money Laundering and Countering Terrorism Financing (AML/CFT) requirements for licensed microfinance companies and their branches in Jordan. The document mandates a risk-based approach, requiring annual comprehensive risk assessments, specific customer due diligence procedures, and the verification of beneficial owners, with identity verification required within 10 working days of relationship establishment. It prohibits anonymous accounts and shell bank dealings, sets a JD 5,000 threshold for occasional customer due diligence, and requires data updates every two years for ongoing relationships.