Samhouri Exchange

News / Updates

On 1st October 2011 Vivamus enim sed augue orci heriti fermentum at posuere ac, leo
On 3rd October 2011 Vivamus pede
On 4th October 2011 Maecenas eu justo in felis sodales
feugiat urabitur sem augue facilis et lobortis no
On 10th October 2011 In egestas velit nec sapien maecas
dictum placerat sapien
On 13th October 2011 Vestibulum ante ipsum primis in faut
On 22th October 2011 Vestibulum dictum placerat sapien

AML Policy

Money Laundry

Definition:

It refers to any transaction aimed at concealing and/or changing the identity of illegally obtained money, so that it appears to have originated from legitimate sources, where in fact it has not. This definition also includes monies that are destined to finance terrorism or criminal acts.

There are stringent national and international efforts in combating money laundering activities and countering terrorism financing resulting in introduction of appropriate laws and regulations by all governments across the globe.

Jordan Anti-Money Laundering Laws & Regulation:

• Anti-Money Laundering Regulations (Ref: 46/2007) issued by Central Bank of Jordan, updated on 30/12/2010 (Ref: 2/2010)

These are the basic local laws & regulations applicable to all banks, moneychangers, finance companies and other financial institutions in the country as well as to their board members and employees. The same are available on website http://www.cbj.gov.jo/

Company Policy:

Al Samhouri Exchange Company is fully committed on adherence to all local Anti-Money Laundering and Counter-Terrorism Financing Laws & Regulations which reflect 40+9 Recommendations of Financial Action Task Force (FATF).

Appointment of Compliance Officer:

Al Samhouri Exchange Company has a dedicated Compliance Department headed by Chief Compliance Officer, and he is a sole coordinator on compliance matters to Central Bank of Jordan and Anti – Money Laundering Unit.

AML Procedures:

Al Samhouri Exchange has its manual for Compliance & Due Diligence with elaborated KYC and Due Diligence procedures in line with the Anti-Money Laundering Regulations (46/2007) of Central Bank of Jordan.

Know Your Customer (KYC) and Due Diligence procedures:

Al Samhouri Exchange Company has detailed procedures on KYC and Due Diligence on applicable operations with following norms:

1. KYC should where possible include knowing the customer and his transaction which will help us in assessing whether a transaction is suspicious or not.

2. Customer is identified & verified through his original Identification Document approved by Central Bank of Jordan.

3. Source of Fund is ensured to be legitimate; where applicable, support details / evidences obtained

4. Purpose of the transaction is established and where applicable support details / evidences are obtained

5. Enhanced Due Diligence is exercised on high turnover customers and/or potential suspicious customers/transactions

6. Suspicious transactions are duly reported to Chief Compliance Officer for his onward reporting to the Anti – Money Laundering Unit.

Records are kept over 5 years. Soft copies of all our operations are available in the system as well original hard copies of operations with their support documents are maintained in centralized and well-organized ware-house with easy retrieval facility through the period.