EBRD and Central Bank of Jordan promote awareness of financial crime

July 6, 2022
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The European Bank for Reconstruction and Development (EBRD) and Central Bank of Jordan have joined forces to promote increased transparency of the banking sector in Jordan, in line with best international practice. This was the focus of a workshop on anti-money laundering (AML) and combating the financing of terrorism (CFT) that took place in Amman on 4 and 5 July 2022.

Developing, strengthening and maintaining robust controls over money laundering and terrorism financing, as well as managing sanctions risk, are key to ensuring that financial institutions and the banking sector operate in line with international best practice. They are also central to developing and maintaining a well-governed, resilient and competitive banking sector.

Over two days around 130 participants from 60 local financial institutions – including banks, microfinance institutions, insurance companies and payment companies – attended multiple training sessions on the internal control framework used to identify, rate, assess and mitigate risk.

Participants and international experts explored the challenges of developing and strengthening risk-based AML and CFT controls, covering topics such as monitoring and analysing suspicious transactions, creating a methodology to manage compliance with sanctions measures, and defining the systems needed to capture this risk. They also explored new approaches to detect suspicious transactions induced by the Covid-19 crisis.

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Countries covered:

  • Jordan