Regulatory Alerts2009-02-09
Added · Updated
Instructions of Anti Money Laundering Concerning Money Exchange Companies
Issued by the Central Bank of Jordan, these instructions impose anti-money laundering obligations on money changers licensed by the bank. The rules mandate customer due diligence for transactions exceeding J.D. 10,000 or those suspected of illicit activity, and require enhanced diligence for politically exposed persons or transactions involving countries with weak AML systems. For transfers exceeding J.D. 700, money changers must collect complete originator information and retain records for at least five years. Additionally, companies must appoint reporting officers, implement employee training programs, and have external auditors verify compliance with these regulations.