Anti-Money Laundering and Terrorism Financing Supervision Department
Executive Manager: Arafat Al Fayoumi
The department’s main objective is to enhance the anti-money laundering and terrorist financing regime within the regulated financial institutes (FIs) subjected to CBJ supervision, including banks, exchange companies, payment and electronic money transfer companies, finance companies, insurance companies and any other FIs that will be in the future under the supervision of the CBJ, in addition, to monitor the compliance of these entities with instructions and requirements issued by CBJ. In order to achieve this, the department performs the following main tasks:
- Preparing, organizing, updating and studying draft laws, regulations, and supervisory instructions related to combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction to regulated FIs. In addition, provide the appropriate recommendation in this regards.
- Gathering and analyzing data related to the risk-based approach and preparing institutional and sectoral assessments in the field of Anti-money laundering and terrorist financing.
- Reviewing and analyzing the self-risk assessments prepared by the regulated FIs in the field of combating money laundering and terrorist financing and provide the appropriate recommendation in particular.
- Preparing inspection plans based on the risk-based approach, and obtain its approval from the higher management, in addition, conducting the onsite inspections to assess the supervised entities adherence to AML and CFT related laws, regulations, instructions and circulars, along with coordinating and collaborating with the prudential supervision departments and provide them with insights to refine their risk assessment of the supervised entities, by supplying them copies of the inspections findings reports and risk profiles of the entities that are on the inspection plan for the year.
- Updating and developing inspection methods and procedures using advanced means, techniques, tools and approaches through benefiting from international relevant best practices and international institutions in accordance with international standards, including developing and improving the quality of suspicious transaction reports (STRs) related to suspected money laundering, terrorist financing or related crimes.
- Recommending imposing appropriate penalties on financial institutions in light if any failures and violations to AML and CFT frameworks that has been detected during onsite and offsite supervision tasks and the feedback from the prudential supervision departments.
- Communicating, coordinating and exchanging information with the Anti-Money Laundering and combating Terrorist Financing Unit regarding the suspicious transaction reports (STRs) received from the regulated FIs or about those entities' violation of the laws, regulations, instructions or orders issued pursuant thereto.
- Express an opinion regarding requests and inquiries received from the Anti-Money Laundering, combating Terrorist Financing Unit, and made the appropriate responses.
- Follow-up the work related to mutual evaluation in the field of combating money laundering and terrorist financing, and preparing relevant statistics.
- Representing CBJ in the committees responsible for implementing Security Council resolutions related to money laundering, terrorism financing and proliferation of weapons of mass destruction.
- Preparing studies on developments in international standards for countering money laundering and combating financing of terrorism and proliferation of weapons of mass destruction including what the Financial Action Task Force FATF issues in particular, and from other international organization, showing its impact on the obligations regulated FIs and providing the necessary recommendations in particular.
- Preparing and implementing an annual awareness-raising plan in the field of Anti-Money Laundering and Counter-Terrorist Financing targeting the supervised entities and the relevant employees of the Bank, including international and regulatory standards and practices related to anti-money laundering, counter-terrorist financing, and counter-proliferation financing, as well as their implications on the obligations of entities subject to the supervision of the Central Bank, in addition to the outcomes of on-site and off-site supervisory activities in this regard.
- Monitoring the regulated FIs level of compliance and adhere to the provisions of the national strategy for combating money laundering and terrorist financing, and integrating and aligning that provisions with the policies, strategies and procedures approved by the CBJ.
- Preparing the necessary studies concerning statistical data related to the efficiency and effectiveness of training conducted by the supervised entities in the fields of Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing.
- Analyze and study any cases related to suspected money laundering and terrorist financing and filing the necessary suspicious transaction reports (STRs) to the Anti-Money Laundering and countering Terrorist Financing Unit.
- Study and review external audit reports related to assessing the regulated FIs level of compliance with Anti- money laundering and terrorist financing regulations and providing the appropriate recommendations in particular.
- Coordinating any communications and correspondence between the Central Bank and the National Committee for Combating Money Laundering and countering Financing of Terrorism, and other local authorities.
- Express an opinion regarding the services and products developed by the regulated FIs, assessing the risks of money laundering and terrorist financing related thereto, and the designed controls by these institutions to mitigate those risks, in coordination with the competent supervisory departments, and providing the necessary recommendations in particular.
- Continuous cooperation with foreign regulatory authorities on matters related to combating money laundering and countering terrorist financing.
- Strengthening cooperation and coordination between the supervisory departments, and the AML/CFT Supervision Department to ensure obtaining and exchanging information and reports in the field of combating money laundering and countering terrorist financing with these departments.
- Drafting and issuing circulars to the financial institutions in accordance with the correspondences with Ministry of foreign affairs concerning any updates on the UN sanctions List (listing, delisting, and modifications), and follow up the institutions responses.
- Coordinating with the other organizational units to ensure the attainment and exchange of necessary information and reports.
- Carryout risks and supervisory controls self-assessment related to the department’s function in coordination with the Risk management and compliance department per the related instructions and the adopted methodologies to determine the levels and methods of processing and managing risks.
E-mail: AMLSUPR@cbj.gov.jo