Jordan Securities Commission Holds a Training Workshop on Anti Money Laundering
04-Dec-2012
Jordan Securities Commission (JSC), held a training workshop in cooperation with the Anti Money Laundering & Counter Terrorist Financing Unit to Reporting Officials in Financial Services Companies (FSC) concerning (Anti Money Laundering & Terrorist Financing), to ensure that all entities subject to its supervision apply properly the “Instructions of Anti Money Laundering & Counter Terrorist Financing in Securities Activities”.
The training workshop covered several issues mainly, the “Anti Money Laundering & Counter Terrorist Financing Law” in force, the amended “International Standards of Anti Money Laundering” & the “Instructions of Anti Money Laundering & Counter Terrorist Financing in Securities Activities for the year 2010”. It also covered the applied methods, the legal frameworks, the warning signs & the used mechanisms to anti money laundering in dealing in these markets to protect securities markets & to deal with money laundering activities.
Moreover, the training workshop concentrated on the work & applies of the “Instructions of Anti Money Laundering” by (FSC) particularly, opening & verifying an account of a client, dealing with a third party & how to prepare an Internal By-Law. It also concentrated on, the role of Compliance Officers, taken measures of activities suspected of money laundering, as well as, mechanisms to anti money laundering in (FSC) in their financial & investment dealings with foreign & local clients & with the required records & reports to be kept.
The (JSC) took measures of anti money laundering mainly, issuing the “Instructions of Anti Money Laundering & Counter Terrorist Financing in Securities Activities for the year 2010” that dealt with imposed obligations on entities subject to its supervision & verifying the client’s identity via applying due diligence, assigning a Reporting Officer in these entities, regulating & keeping records, as well as, preparing of an “Internal By-Law to Anti Money Laundering & Counter Terrorist Financing in Securities Activities” & training of employees. Furthermore, the Commission issued the “Anti Money Laundering in Securities Activities Guide” that deals with stages & activities suspected of money laundering.
It is worthy to mention that the Securities Law No. (76) for the year 2002, regulated the dealing in securities in Amman Stock Exchange (ASE) for entities subject to (JSC’s) supervision by virtue of binding & regulatory legislations on these entities & their clients, in order to protect investors, to regulate & to develop the capital market to ensure fairness, efficiency & transparency.