Regulations of Anti-Money Laundering and Terrorism Financing Circular No. (29/2006)

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1 Regulations of Anti-Money Laundering and Terrorism Financing Circular No. (29/2006) Issued by the Central Bank of Jordan Pursuant to Article No. 99(b) of the Banking Law Official Translation The Arabic Text Prevails

2 Article (1) The following words and expressions shall have the meanings ascribed thereto hereunder unless the context indicates otherwise: Money Laundering: Terrorist Financing: Fund: Continuous Relationship: Occasional Customer: Non Profit Organization : Beneficial Owner: Politically Exposed Persons (PEPs): Shell Bank: Any transaction related to funds accruing from a crime or illegal deal. Any person who willfully provides or collects funds directly or indirectly with the intention to use or the knowledge that they are to be used in full or in part in terrorist financing according to the definition of terrorism stated in Article (147) of the Penal Code. Any property or assets whether corporeal or incorporeal, movable or immovable, existing inside or outside the Kingdom including any bond or document of any form or type including the electronic and digital form that evidences title to or interest in such assets to any person. The relationship which arises between the bank and the customer and related to the activities & services provided by the bank to its customers and is expected at the time of its establishment to extend for a period of time and to contain several transactions. The customer who is not tied with a continuous relationship with the bank. Any organization which was established according to law provisions with the main purpose to provide social services without seeking to earn or share any profits from its activity or to gain any personal benefits. The natural person who owns or exercise ultimate effective control over a customer in a business relationship with a bank or a natural person on whose behalf a transaction is being conducted, it also incorporates those persons who exercise ultimate effective control over a legal person. Individuals who are or have been entrusted with prominent public functions in a foreign country, for example president of a country, head of government, important politicians, judicial or military officials, senior government, important political party officials, also family members or close associate of PEP s of the third step. A bank that does not have a fixed address in a 2

3 Non Resident: Money Laundering Reporting Officer (MLRO): Wire Transfer: jurisdiction, does not employ one or more individuals conducting actual activity and management, no customers can go to, does not maintain operations records, and is not subject to inspection by competent regulating authority neither in the country where it was established nor any other country. This definition does not apply to the bank that does not have fixed address in a jurisdiction whenever it is a branch or subsidiary of a licensed bank and has a physical presence and is subject to an effective banking regulation. A natural or legal person who usually lives outside Jordan and/or who lives inside Jordan for less than one year, despite the nationality of this person with the exception of the families and individuals who have an economic interest and have a permanent home where they occasionally reside. An upper management officer who is fundamentally appointed for the purpose of reporting to the unit about suspicious transactions. Any transaction carried out through a bank by electronic means on behalf of an originator person with a view to making an amount of money available to a beneficiary person at another bank regardless that the originator and the beneficiary are the same person. Article (2) Scope of Application The provisions of this regulation are applied on the following: First: The banks operating in the Kingdom. Second: The branches of Jordanian Banks operating abroad and to the bank that belongs to a Jordanian bank to the extent allowed by existing laws and in the countries where these banks operate. The Central Bank of Jordan should be informed of any prohibitation or restrictions that could curb or prevent the implementation of the provisions of this regulation. Article (3) Customer Due Diligence (CDD) First: General Rules: 1. Customer Due Diligence shall be defined as the identification and verification of the customer s identification and the beneficial owner and the continuous follow up on transactions that are conducted through an ongoing 3

4 relationship, additionally the verification of the nature of all future relationships between the bank and the customer and its purpose. 2. The bank is not permitted to deal or enter in banking relationships with anonymous or fictitious persons. 3. The bank should undertake customer due diligence measures when establishing continuous business relations. 4. The bank should undertake customer due diligence concerning the occasional customers in the following situations:- (a) If the value of the transaction or (several transactions that appear to be linked) above JD (10,000) or its equivalent amount in other currencies. (b) If the occasional transactions are suspected to be money laundering or terrorist financing. (c) Any wire transfer conducted by an occasional customer regardless of its amount. 5. The bank should undertake customer due diligence before or during establishing the banking relationship or upon executing transactions on behalf of occasional customers. 6. The bank can postpone the completion of verifying the identity of the customer following the establishment of the banking relationship, provided that: (a) Postponing is essential to preserve the normal conduct of business while taking into account that there are no risks of money laundering and financing terrorism. (b) The bank carries out the verification measurement as soon as possible. (c) The bank has been taking the reasonable management procedures of money laundering risk regarding the postponed verification of the identity of the customer, these procedures should include a set of measures such as making limits of the number, type, and amount of transactions that can be performed before the completion of verification measurements. 7. If the bank is unable to complete customer due diligence measurements, it should not open the account or engage in any banking relationship with the customer or perform any transactions to his/her account. 8. Where the bank has already commenced the banking relationship with the customer before making verification according paragraph (first/6) from this article, and the bank is unable to make the verification later it should terminate this relationship and notify the unit according to the procedures mentioned in Article (7). 4

5 9. The bank should continuously update the customer identification data periodically every five years at most, or when there are emerging reasons to advocate that, for example, the bank has doubts about the validity and suitability of the information which has been obtained before. Second: Procedures to identify and verify customer identity 1. The bank should put in place systems to identify and verify customer identification to comply with the requirements in section (First) from this article. 2. The bank should view the official documents to identify the customer and to have a copy of those documentation signed by the relevant bank employee to certify that they are original copies. 3. The bank should take the required procedures to verify the validity of the data and information obtained from the customer using reliable, independent source including contacting the departments who issue the documents which validate those data. 4. The following should be considered in normal person identification procedures: (a) The data of identification should include the full name of the customer, nationality, permanent residence address, phone number, work address, activity type, purpose of conducting business relationship, the names of persons who are authorized to sign on the customer s behalf and their nationalities and any other information the bank considers necessary. (b) Regarding persons who lack qualifications like minors, the bank should have the documents related to the person who represent them legally to act on those accounts. (c) When the bank deals with a person proxy of the customer, it should make sure that he/she produces a special power of attorney, and it is essential to keep the original document or a certified copy of it. In addition, it is important to identify the proxy identification according to the customer identity which is mentioned in this regulation. 5. The following should be considered in legal person identification procedures:- (a) The data of identification should include the full names of the legal person, legal form, location address, type of activity, capital, date and number of registration, tax number, names and nationalities of persons who are authorized to deal on the account, phone numbers purpose of conducting business relationship, and any other information the bank considers necessary. (b) Verify the existence of the legal person and its legal entity through the necessary documents and the information which they contain, for 5

6 example certificates issued by the Ministry of Industry and Commerce and the Chambers of Commerce and Industry. In addition to obtaining an official certificate issued by the relevant foreign authorities if the company is registered abroad. (c) Obtaining the documents which prove any normal person purported to act on behalf of the legal person, and identify and verify the identity of that person according to customer identification procedures mentioned in this regulation. (d) Obtaining the names of the partners, and in the case of public shareholding companies, it is essential to obtain a list of the names of the partners who own more than ten percent of the capital of the company. 6. The following should be considered in non-profit organizations identification procedures: (a) The data of identity identification should include the organization s name, legal type, location address, type of activity, date of establishment, names and nationality of persons who are authorized to act on the account, phone numbers, purpose of conducting business relationship and any other information the bank considers necessary. (b) Verify the existence of the non profit organization and its legal entity through the necessary documents and the information which it contains for example certificates issued by Ministry of Social Development and any other specialized authority. (c) Obtaining the documents which prove any normal person purported to act on behalf of the non profit organization in addition to identifying and verifying the identity of that person according to customer identification procedures mentioned in this regulation. (d) Beneficial Owner: i) The bank should request from every customer a written declaration that determines the identity of the beneficial owner of the transaction meant to be done and the declaration should contain customer due diligence information at a minimum. ii) The bank should identify the identity of the beneficial owner, and take reasonable procedures to verify this identity and this include depending on the data and information obtained from official documents and data until the bank is content that it knows the identity of the beneficial owner. iii) For beneficial owners that are a legal person, the bank should take reasonable measures to understand the ownership structure and management which controls the legal person. 6

7 Article (4) Situations where enhanced customers due diligence is required First: Politically exposed persons (PEPs): 1. The bank should put in place an appropriate risk management system when dealing with customers that are politically exposed persons or beneficial owners related. 2. The bank should obtain senior management approval for establishing business relationships with such customers, and for the customer or beneficial owner who subsequently becomes a PEP. 3. The bank should take sufficient measures to establish the source of wealth of customers and beneficial owners identified as PEPs. 4. The bank should conduct enhanced ongoing monitoring on the relationship with PEPs. Second: High risk customers regarding money laundering and terrorist financing: 1. The bank should categorize all customers according to risk degree related to money laundering and terrorist financing taking into account:- (a) Consistency of the transactions being conducted by a customer with the customer nature of business. (b) The degree of interrelationship between the accounts, and the degree of its activity. 2. High risk customers category may include the non-resident customers and private banking customers. Third: Customers from countries which do not have appropriate anti money laundering and combating terrorism financing systems: 1. The bank should give special attention to transactions with persons in countries that do not have appropriate anti money laundering and combating terrorism financing systems. 2. If those transactions mentioned in paragraph (1) of this section have no apparent economic purposes, the background of the surrounding circumstances of such transactions and their purposes should be examined, and written findings should be available in the bank records. Fourth: Cross-border respondent banking: 1. The bank should apply CDD measures -stated in article (3) in relation to cross-border correspondent banking. 2. The bank should understand the nature of the respondents business and determine its reputation regarding anti money laundering and combating terrorism financing. 7

8 3. The bank should obtain approval from senior management when establishing new correspondent relationships. 4. The bank should verify that the respondent bank is subject to adequate and effective regulatory supervision in the respondent country. 5. The bank should verify that the respondent bank has sufficient AML/CFT systems. 6. The bank should verify that the respondent bank has performed all normal CDD obligations regarding customers who are authorized to conduct transactions through (payable through accounts) and that the respondent bank is able to provide relevant customer data upon request. 7. The bank is not permitted to enter into banking relationship with a fictitious bank. Fifth: Non Face To Face transactions with customers: The bank should apply the proper policies and procedures to avoid the related risks of misusing the non face to face transactions with customers, especially those executed by using technological developments (e.g. ATM, Internet, and phone banking services) while taking into consideration the issued regulations by the Central Bank of Jordan in this matter. Sixth: Unusual transactions 1. The bank should undertake special customer due diligence (CDD) measures related to unusual transactions, and should also maintain special records on these transactions regardless of the decision made upon them. 2. Unusual transactions may include the following: (a) Cash transactions above J.D 20,000 or the equivalent sum in other currencies, and cash transactions that are carried out which are less than this threshold and appear to be linked is considered a single transaction. (b) Unusually large or complex transactions. (c) Any other unusual transaction which does not have an apparent economic purpose. 3. Provisions of paragraph (1) mentioned above apply when the Bank has doubts about the veracity or adequacy of previous customer identification data after establishing the banking relationship. Seventh: Other situations: The bank should undertake special due diligence measures in the following situations: 8

9 1. Opening a non-resident account. In this situation a recommendation or official endorsement of the signature by known cross-border bank or financial institution. 2. Request of facilities against deposits. 3. Renting safe deposit boxes. 4. Cash or traveler checks deposits into an existing account by a person (s) whose names do not appear on the mandate for that account or are not of the legal authorized persons to make deposits in such accounts. First: Scope of application: Article (5) Wire Transfers 1. Provisions of this article apply to wire transfers which exceed JD 700 or any equivalent amount in other currency which is sent or received by all banks subject to this regulation. 2. Exemptions from this article provisions are: (a) Wire transfers that flow from a transaction carried out using a credit or debit card provided that the number of the credit or debit card is accompanied with the wire transfer. (b) Wire transfers where both the originator person and the beneficiary person is a bank acting on their own behalf. Second: Ordering bank obligations: 1. The bank should undertake customer due diligence procedures mentioned in Article (3) of this regulation which states that the bank must obtain complete originator information which include: originator name, account number, national number or the identification document number, nationality for non-jordanian. 2. In the absence of an account for the transfer originator, the bank should establish a system by which a unique identifier is provided to the transfer originator. 3. The bank should undertake verification procedures to verify all originator information according to the standards and procedures mentioned in Article (3) before wiring the transfer. 4. The bank should attach all originator information stated in paragraphs 1 and 2 of this section with the transfer. 5. When transfers are transferred in one batch, the ordering bank should enclose the originator s account number or unique identifier in the absence of an account for the transfer originator provided that: 9

10 (a) The bank retains all originator information stated in paragraphs 1 and 2 of this section. (b) The bank should be able to provide the beneficiary bank and the relevant authorities with all required information within three business days of receiving a request. (c) The bank should be able to respond upon the request of relevant official authorities. 6. The ordering bank should ensure that non-routine transfers are not batched into one batch where this would increase the risk of money laundering or terrorist financing. Third: Beneficiary Banks Obligations 1. The bank should put effective systems in place to find any lacking of originator information stated in (Second/1, 2) above. 2. The bank should adopt an effective risk-based procedures to deal with wire transfers lacking complete originator information, for example, the request of incomplete information from the originator bank otherwise the bank should undertake risk-based procedures in order to refuse the wire transfer and to report the incident to the Unit. Fourth: Intermediary Banks Obligations: 1. If the bank processes an intermediary element of a wire transfer chain rather than being an originator or a beneficiary bank, then the bank must ensure that all information that accompanies a wire transfer is retained with the transfer. 2. Where technical limitations prevent the bank from retaining the information accompanying a wire transfer, it should maintain the information as it is received for five years regardless of the information s completeness, and the bank should be able to provide the available information to the beneficiary bank within three business days of receiving the request. 3. If the intermediary bank received incomplete originator information, then it should inform the beneficiary bank when conducting the wire transfer. Article (6) Maintaining records and documents First: The bank should maintain all records and documents related to customer due diligence requirements according to Article (3) for at least five years following completion of the transaction or business relationship termination whichever is later. Second: The bank should maintain records and supporting evidences of continuous relationships and banking transactions which the bank obtains while carrying out the obligations mentioned in Articles (3, 4, 10

11 and 5) of this regulation including original documents or acceptable copies by courts according to the applicable regulations in Jordan for at least five years following completion of the transaction or the termination of the business relationship whichever comes later. Third: The bank should develop integrated information system for maintaining records and documents mentioned in (First and Second) of this Article where it can fully and quickly respond to the Unit and relevant authority s request of any data or information especially any information indicating a bank continuous relationship with a specified person within the last five years, in addition to providing information about the nature of this relationship. Article (7) Reporting of suspicious transactions First: If any management personnel learns that the execution of any transaction is related to or could be related to any crime of illegitimate acts should immediately notify the MLRO. Second: If the MLRO learns that the execution of any banking transaction or the receipt or payment of funds is related to or could be related to any crime of illegitimate acts, he/she should immediately notify the Unit according to the attached form (SAR), enclosing all data and copy of documents related to these transactions. Third: The MLRO is responsible for providing the Unit with data and to facilitate its ability to view the records and information in order to perform its duties. Fourth: It is impermissible to draw the customer s or the beneficial owner s attention directly or indirectly or by any mean about any reporting procedures on suspected financial transactions or related data. Fifth: Special records of suspected transactions containing copies of reports, data, documents related to these suspected transactions should be maintained for 5 years at least or up to the date of the decision made upon it which ever is later. Article (8) Internal Systems The bank should establish proper internal system which includes internal policies, procedures, and controls to prevent money laundering (ML) and terrorist financing (TF), this system should include the following:- First: Clear Anti-Money Laundering and Combating Financing Terrorism (AML/CFT) policy approved by the board of directors or the regional manager of foreign banks branches, taking into account a continuous development of this policy. Second: Written detailed procedures for AML and CFT which include specific designation of duties and responsibilities consistent with CBJ regulations and the related approved policy. 11

12 Third: Proper mechanism to verify compliance with AML/CFT regulations, policies, and procedures taking into account the coordination of authorities and responsibilities between the internal audits and the MLRO. Fourth: Specify the name of the MLRO and his/her alternate in case of absence, and bank should inform the Unit if anyone of them changed ensuring that both of them are well qualified. Fifth: Designating the functions of MLRO to be at least as following: 1. Receiving information and suspected transactions and unusual reports, examining it, and then taking the proper decision upon it by reporting to the Unit or withholding the case if there is a justifiable reason. 2. Report to the Unit about the suspected transactions. 3. Maintaining a full record of documents and reports received. 4. Make periodic reports about irregular and suspected transactions and submit them to the board of directors. Sixth: Designate the MLRO authorities at a minimum designation of authorities, that enable him/her to perform his function independently, protecting the secrecy of information received and procedures undertaken, also the MLRO should have the access to view the records and data needed to perform functions of testing and revising the CBJ AML/CFT systems and procedures. Seventh: The bank should establish ongoing employee AML/CFT plans and programs including information on ML methods the manner in which it is discovered and reported, and the manner of dealing with the suspected customers, in addition keeping full records of training programs at minimum the last five years including names of the trainee qualifications and the name inside/outside training parties. Eighth: Establish customers acceptance system in view of the available information and data. Ninth: Establish systems and measurements which guarantee performing the audit function of examining the internal control and supervision systems to ensure its AML/CFT effectiveness and suggest needed measurements in case of insufficiency or updating and developing these systems to enhance its efficiency and effectiveness. Article (9) Final Rules First: It is impermissible for any employee of the bank to manage any accounts on behalf of its owner. Second: One of External auditor s duties is to ensure compliance with this regulation, the adequacy of the bank related policies and procedures 12

13 incorporating the results of them in the report submitted to the management, and informing CBJ when any breaches of regulations is discovered. Third: The bank should make use of the attached guidelines that has been compiled to help bankers identify cases that are suspected to be ML/FT the bank should also use it to enlighten its employees on this subject. Fourth: Guidelines of Anti Money Laundering no 10/2001 are hereby cancelled. Fifth: Attachments: 1. Guidelines. 2. Suspicious transaction report. 13

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