As part of its ongoing efforts to adjust and enhance its monitoring and compliance systems and take all preventive measures, Housing Bank, the largest and most widespread bank in Jordan, has announced the update of its regulatory system to combat money laundering and terrorist financing, in addition to implementing a customer risk rating system.
The update process included upgrading the Anti-Money Laundering and Counter-Terrorist Financing SAS System, from version 5.1 to version 7.1, which included several improvements in control scenarios, analysis and movement tracking techniques, as well as improving the efficiency of the Compliance Control Department in monitoring suspicious activities.
In accordance with the instructions of the Central Bank of Jordan, Housing Bank has implemented several investment initiatives, in cooperation with SAS International, in order to update its regulatory systems to obtain the most accurate techniques, implement Customer Due Diligence systems to classify customers according to their risk score (high, medium, low), and carry out periodic reviews, becoming the first bank in Jordan to implement this system.
SAS provided the necessary technologies to help Housing Bank comply with the regulations of the Central Bank of Jordan through its analytics software and specialized work team to complete this project which enables the Bank to adhere to the laws of the Central Bank of Jordan, including combating money laundering and terrorist financing, adopting and applying best institutional practices, acquiring the latest technologies and data developments, classifying the Bank's customers based on risks, as well as conducting the necessary care.
In line with the Bank's commitment to comply with all the laws and regulations issued by the Central Bank of Jordan and in order to apply the best international banking practices in this field, the Bank has developed, for the first time in Jordan, a control and monitoring system against money laundering and terrorist financing, in addition to customer risk rating, in a way that ensures the integrity of the banking operations it performs on behalf of its customers, in addition to monitoring the base of customers the Bank deals with, while ensuring the confidentiality of their information.
SAS is specialized in providing the latest solutions to combat money laundering and identify risks, through the use of the latest practical applications of Internet Protocol for monitoring and investigating transactions, in addition to simplifying operational processes and their related control systems.