usaid/sabeq and abj illustrate practical methods of applying anti-money laundering law to commercial banks
As Jordan’s financial institutions work towards creating a more transparent and accountable financial network and system in the country, much attention has been centered on Anti-Money Laundering activities. In continued collaboration between the USAID-funded Sustainable Achievement of Business Expansion and Quality Program (SABEQ) and the Association of Banks in Jordan (ABJ), the two parties have designed several workshops targeting the various levels of staff at Jordanian commercial banks to inform them in more detail about the recently passed law and how to apply due diligence to their everyday work. One of the workshops was held today at the headquarters of ABJ, attended by 21 from 13 commercial banks.
The workshop facilitator concentrated on practical applications that Compliance Officers, Chief Financial Officers, General Managers and others use in identifying money laundering activities, high risk customers, effectively reporting money laundering crimes and supporting the AML law.
This workshop was designed and intended to be the first step in a “Train the Trainer” program established for training bank staff in Anti-Money Laundering. Ultimately Jordanian bankers will provide future training sessions for various staff of Jordanian banks. The goal of the training is to produce champions of change throughout each bank’s AML program. This workshop has been designed not only for officials responsible for AML compliance, but also for savings department heads, relationship managers, credit officers, internal auditors, and other business unit staff that play a role in implementing the AML compliance program.
In July 2007, the Anti-Money Laundering Law (Law No. 46 for the year 2007) came into effect, stipulating a wide range of statutory anti-money-laundering (AML) responsibilities on commercial banks and other financial institutions in Jordan. These responsibilities include: undertaking customer due diligence to ascertain customer identity, legal status, activity, and the beneficial ownership of the customer account; the continuous follow-up of transactions that are conducted through an ongoing relationship with the customer; the prohibition against dealing with anonymous persons, persons of fictitious or anonymous names, or shell banks; and reporting immediately to the Anti-Money Laundering Unit (AMLU) on any suspicious transactions.
The USAID-funded Sustainable Achievement of Business Expansion and Quality Program (SABEQ) is a five year broad economic development initiative implemented by BearingPoint, Inc. and a sizeable team of international and Jordanian partner firms. By both supporting improvements in the business environment and providing assistance to expand innovation and productivity in Jordanian businesses, to support the main objective of building up the private sector as a powerful engine of economic growth.
