Category:
AML, Anti Money Laundering
Teacher
Mohi Uddin
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Anti Money Laundering Training (Jordan)

Course available for 180 days
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Enrolled: 1 student
Duration: 1 hour
Lectures: 6
Video: 1 hour
Level: Intermediate

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Anti Money Laundering for Jordan

In October 2021, Jordan made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in November 2019, Jordan has made progress on a number of the MER’s recommended actions to improve its system, including by finalizing their National Risk Assessment (NRA). Jordan’s long and remote desert borders with Iraq, Israel, Saudi Arabia, Syria, and the West Bank make it susceptible to the smuggling of bulk cash, gold, fuel, narcotics, cigarettes, counterfeit goods, and other contraband.

Smuggling endeavours tend to be small scale, and there is no discernible connection between black market goods and large scale crime, such as terrorism. Black market cigarettes are widely available, and there is little government effort to curb sales. Jordan Customs sometimes interdicts drivers smuggling cheaper gasoline from Saudi Arabia in false tanks. Border security is becoming more stringent, however, which may have an impact on smuggling. In 2015, ongoing concerns about spillover violence from areas held by the Islamic State of Iraq and the Levant (ISIL) in Iraq and Syria prompted the closure of Jordan’s land border crossings with Iraq and Syria.

To tackle this ongoing issue, this training course will teach you all about how to identify and report these criminal activities such as money laundering and terrorist financing to the Jordan authorities. This course will also help you learn about the entire process of how criminals hide their illegal sources and involve in fraudulent activities with customers, making it difficult to track these sources and customers losing all of their trust in financial authorities.

You will also explore and practice this training by completing quizzes relevant to each topic and once you clear the quiz, you will hold a certification from one of the recognized financial services firms in the UK that holds significant value for your career and profession.

Topics Covered in the Course:

  1. Introduction to Anti-Money Laundering
  2. Central Bank Guidelines in Jordan
  3. General Rules and Guidelines
  4. Way to track and shut Money Laundering
  5. Screening and Training requirements

Key elements of AML training Jordan

The key elements of AML training in Jordan include an understanding of money laundering and terrorist financing risks, as well as the ability to identify and report suspicious activity. In addition, trainees should be able to develop and implement appropriate internal controls to mitigate these risks. The training should also cover compliance with applicable laws and regulations, as well as supervisory expectations. 

AML training in Jordan should be tailored to the specific needs of the financial institution and its employees, taking into account their roles and responsibilities. Ultimately, the goal of AML training is to help financial institutions in Jordan prevent, detect, and respond to money laundering and terrorist financing activity.

Importance of AML training course in Jordan

Why is AML training important in Jordan? The simple answer to this question is that AML training helps to protect businesses and financial institutions from the risks of money laundering and terrorist financing. In a country like Jordan, which is located in a region plagued by instability and violence, these risks are especially acute. 

By providing employees with the knowledge and skills they need to identify and report suspicious activity, AML training can help to safeguard businesses and financial institutions against the threats of money laundering and terrorist financing.

In addition, AML training can also help to improve compliance with regulations and reduce the likelihood of fines or other penalties. Ultimately, AML training is important in Jordan because it helps to protect businesses and financial institutions from the risks of money laundering and terrorist financing.

Benefits of choosing us for anti-money laundering training in Jordan

Jordan is a major financial hub in the Middle East, and as such, it is critical that businesses operating in the country have robust anti-money laundering (AML) compliance programs in place. While there are many AML training providers out there, few can match our experience, expertise, and track record. Here’s why you should choose us for your AML training needs in Jordan:

We have a team of experienced trainers who have worked in various aspects of AML compliance, both in the private and public sectors.

Aim of the Course

Our AML training programs are tailored to the specific needs of businesses operating in Jordan and are regularly updated to reflect changes in regulations and best practices.

We offer a flexible approach to training and online courses available.

We also offer Train-the-Trainer programs, which enable businesses to build their own in-house capability to deliver AML training.

If you’re looking for a comprehensive and customized solution for your AML training needs in Jordan, we’re the provider you’re looking for. Contact us today to find out more.

Frequently Ask Questions (FAQ)

What is AML training in Jordan?

AML training in Jordan is a course that helps employees and employers to identify and prevent money laundering in the workplace. The course covers topics such as money laundering red flags, customer due diligence, and record-keeping requirements. AML training is required for all employees of financial institutions in Jordan.

How often should I get AML training course in Jordan?

You should get AML training every year to stay up-to-date with the latest changes in the law and to refresh your knowledge.

Where can I get AML course in Jordan?

You can get the best AML training in Jordan in ABM digital training. 

Is AML training worth it in Jordan? 

Absolutely. Taking AML training will help you to protect yourself and your business from financial crime.

When is the best time to get AML training in Jordan? 

The best time to get AML training is before you start work in a financial institution or before you become involved in the financial sector.

1
Jordan – Anti Money Laundering Course Preview
Preview
01:42

In October 2021, Jordan made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in November 2019, Jordan has made progress on a number of the MER’s recommended actions to improve its system, including by finalizing their National Risk Assessment (NRA). Jordan’s long and remote desert borders with Iraq, Israel, Saudi Arabia, Syria, and the West Bank make it susceptible to the smuggling of bulk cash, gold, fuel, narcotics, cigarettes, counterfeit goods, and other contraband.

Smuggling endeavours tend to be small scale, and there is no discernible connection between black market goods and large-scale crime, such as terrorism. Black market cigarettes are widely available, and there is little government effort to curb sales. Jordan Customs sometimes interdicts drivers smuggling cheaper gasoline from Saudi Arabia in false tanks. Border security is becoming more stringent, however, which may have an impact on smuggling. In 2015, ongoing concerns about spill over violence from areas held by the Islamic State of Iraq and the Levant (ISIL) in Iraq and Syria prompted the closure of Jordan’s land border crossings with Iraq and Syria.

To tackle this ongoing issue, this training course will teach you all about how to identify and report these criminal activities such as money laundering and terrorist financing to the Jordan authorities. This course will also help you learn about the entire process of how criminals hide their illegal sources and involve in fraudulent activities with customers, making it difficult to track these sources and customers losing all of their trust in financial authorities.

You will also explore and practice this training by completing quizzes relevant to each topic and once you clear the quiz, you will hold a certification from one of the recognized financial services firms in the UK that holds significant value for your career and profession.

2
Module 1: Introduction to Anti-Money Laundering
10:40
Jordan is a member of the Middle East and North Africa Financial Action Task Force for combating Money Laundering and Terrorist Financing (MENAFAF). Jordan is considered one of the advanced and stable economic systems in the Middle East, especially in the banking sector. The banking sector is characterized by a noticeable overall progress and the presence of a good level of awareness about the AML/CFT requirements. Crime rate is relatively low, even with existing activities of trafficking drugs and smuggling of antiques from Iraq. Jordan’s economy is remarkably open to the international investment markets. These factors altogether create a degree of AML risk. As to the possibility of the presence of the financing of terrorism, some risks related to terrorism have existed, such as the formation of terrorist groups that feed terrorist activities in the region, in addition to the execution of some terrorist operations. In general, and with some exceptions, Jordan has a legislative and supervisory framework that covers most of the sectors concerned with AML. The Jordanian AML system is among the new ones in the region, with the AML law issued in July 2007. This module will cover basic aspects of the legal framework needed for establishing a good AML system in Jordan. Regarding CFT, Jordan has criminalized this act in the Terrorism Prevention Law (TPL), regarded as a terrorist act. However, Jordan has not covered a sizeable number of obligations necessary to complete the combating system, including the inclusion of CFT within the jurisdiction of the AML Unit. In addition, it has failed to notice the obligations that should be imposed on financial and other institutions in this respect.
3
Module 2: Central Bank Guidelines in Jordan – Part 1
10:11
This module will help get a better understanding of banking laws made by the Central Bank in Jordan on how to track and catch these illegal activities. The banking system is comprised of 24 commercial banks, of which 8 are branches of foreign banks and two are Islamic banks in Addition to a number of specialized credit institutions. The Central bank of Jordan (CBI) is the banking System’s regulatory authority. A revised banking law, which aims at improving the industry’s efficiency, came into force in august 2000. The law protects depositors’ interests, diminishes money market Risk, guards against the concentration of lending, and includes Articles on new banking practices (e-commerce and e-banking) and Money laundering.The central bank of Jordan has issued a number of recent Circulars to implement money laundering regulations that are Consistent with the recommendations of the OECD’s financial Action task force. Jordan’s parliament passed an anti-money laundering bill that became law in July 2007. The law criminalizes money laundering and specifies that any money or proceeds gained from any felony offense or crimes stated in international agreements to which Jordan is a party are subject to the provisions of the law. The law is also the legal basis for the creation of the Anti-Money Laundering Unit, Jordan’s Financial Intelligence Unit. Jordan has no record of major money laundering incidents.In addition, the CBJ set up a separate and independent deposit Insurance corporation in late 2000 to insure deposits of up to JD 10,000 ($14,000). The corporation also acts as the liquidator of banks as directed by the CBJ. Some banks have also started phone Banking and e-banking services. Credit facilities include loans, discounted bills, and overdraft facilities. Investment banks are not permitted to extend overdraft facilities. Due to rigid interest rates and the absence Of a secondary market, the corporate bond market remains underdeveloped and continues to be overshadowed by traditional direct lending. Increasingly, however, some banks have started introducing new products and corporate bond issues.
4
Module 2: Central Bank Guidelines in Jordan – Part 2
09:48
This module will help get a better understanding of banking laws made by the Central Bank in Jordan on how to track and catch these illegal activities. The banking system is comprised of 24 commercial banks, of which 8 are branches of foreign banks and two are Islamic banks in Addition to a number of specialized credit institutions. The Central bank of Jordan (CBI) is the banking System’s regulatory authority. A revised banking law, which aims at improving the industry’s efficiency, came into force in august 2000. The law protects depositors’ interests, diminishes money market Risk, guards against the concentration of lending, and includes Articles on new banking practices (e-commerce and e-banking) and Money laundering.The central bank of Jordan has issued a number of recent Circulars to implement money laundering regulations that are Consistent with the recommendations of the OECD’s financial Action task force. Jordan’s parliament passed an anti-money laundering bill that became law in July 2007. The law criminalizes money laundering and specifies that any money or proceeds gained from any felony offense or crimes stated in international agreements to which Jordan is a party are subject to the provisions of the law. The law is also the legal basis for the creation of the Anti-Money Laundering Unit, Jordan’s Financial Intelligence Unit. Jordan has no record of major money laundering incidents.In addition, the CBJ set up a separate and independent deposit Insurance corporation in late 2000 to insure deposits of up to JD 10,000 ($14,000). The corporation also acts as the liquidator of banks as directed by the CBJ. Some banks have also started phone Banking and e-banking services. Credit facilities include loans, discounted bills, and overdraft facilities. Investment banks are not permitted to extend overdraft facilities. Due to rigid interest rates and the absence Of a secondary market, the corporate bond market remains underdeveloped and continues to be overshadowed by traditional direct lending. Increasingly, however, some banks have started introducing new products and corporate bond issues.
5
Module 2: Central Bank Guidelines in Jordan – Part 3
08:19
6
Module 3: General Rules and Guidelines:
04:44
This module will talk about the general awareness of responsible business conduct among both manufacturers and consumers in Jordan, with many local and multinational companies voluntarily developing and adopting corporate social responsibility (CSR) programs. CSR efforts focus on improving infrastructure in adjoining communities or providing better access to educational opportunities. The government of Jordan underwent an investment policy review by the Organization for Economic Cooperation and Development (OECD) and in November 2013 subscribed to the OECD Declaration on International Investment and Multinational Enterprises. In May 2021, Jordan’s Lower House approved a new draft AML/CFT law, as a direct response to the 2019 Mutual Evaluation Report on the implementation of AML/CFT standards, which found Jordan to be “compliant for four and largely compliant for 15 of the FATF 40 Recommendations”. Jordan was also deemed “highly effective for zero and substantially effective for two of the effectiveness and technical compliance ratings”. Banks undertook a self-assessment of risks and vulnerabilities of legal persons that should hold bank accounts under the law, and the assessment of legal persons subjected to licensing by supervisors. Only banks and some FIs (insurance, money exchange and financial brokerage companies), have conducted their ML/TF risksJordan has a legal framework which allows it to investigate ML cases. According to legislations in force in Jordan, ML cases are mainly identified by the AMLU which carries out the financial investigation and refers the case to the competent prosecutor to conduct a judicial investigation. The law requires all LEA and judicial authorities to conduct a parallel financial investigation for all proceeds-generating predicate offenses and notify the AMLU of any ML suspicious transaction. In general, the assessment team has not seen evidence that LEA and judicial bodies regularly carry out a parallel financial investigation due to the small number of SARs received by AMLU from such authorities.
7
Jordan AML Quiz
40 questions
Anti Money Laundering Training (Jordan)
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