Anti-money laundering and terrorism financing policy has been found to set the general rules and responsibilities of the company in order to protect the company activities and channels from being used for any activity related to Money-laundering or terrorist financing or any other illegal activity, this policy is managing the services and products provided by the company to be in compliance with the central bank of Jordan instruction, Jordanian Financial intelligence Unit (FIU) and implement the best practices in field of Compliance and AML specially FATF recommendations (Financial Action Task Force).
Musharbash Exchange Company LLC (hereinafter called as "Company") is a licensed exchange company by the Central Bank of Jordan and it is committed to the laws and regulations related to Anti-money laundering and terrorism financing, and all the necessary actions will be taken in order to comply with these laws and regulations, and to ensure that all Money Service Business MSB/ operations executed by the company, are resulted from legal activities and going to legitimate destinations . The commitment with combating money laundering and terrorism financing is a priority for the company to build the business with clients based on moral grounds and match the best practices, especially regarding the application of (Know Your Customer-KYC) and take the necessary actions to determine the real beneficiary of the transactions..
Money Laundering: Every action involves money acquisition , acquiring, disposing, transferring, managing ,saving , replacing, depositing, investing, manipulating in value, converting or any other act , and the intent of this act is to hide or disguise their origin or their real nature or location, movement, disposition, ownership or rights thereto or prevent knowing who committed the crime, including money obtained with the knowledge that they are obtained from any of the offenses set in Article (4) of the anti-money laundering and financing of terrorism Law No. 46/2007 and any amendments thereto.
Presenting , collecting or facilitate obtaining funds or transmitting them by any means, whether directly or indirectly, even from legitimate sources, to a terrorist or an organization , association, , a terrorist group or for a terrorist act, knowing this, whether used these funds in whole or in part, or not used and whether these acts occurred or did not occur. Paragraph (b) of Article (3) of the Anti-Money Laundering and the Terrorist Financing Law No. 46/2007 and any amendments thereto. Anti-money Laundering and Terrorism Financing Unit formed in accordance with the (Anti-Money Laundering and the Financing of Terrorism Law) in Jordan, And it’s a governmental body receiving the Suspicious activity reports from financial institution in Jordan and report them to General Attorney
The company will also follow the applicable law s in the Hashemite Kingdom of Jordan, and the best practices around the world and particularly the following:
- Anti-Money laundering and the terrorism financing Law applied in Jordan and its amendments.
- Money Service Business/Exchange Activity Law applied in Jordan and its amendments.
- The instructions of Anti-money laundering and terrorism financing, related to the money service/ Exchange companies and their amendments Issued by the regulator (Central Bank of Jordan.
- Instructions of the Central Bank of Jordan, and the instructions of the FIU in Jordan.
- Any other law related to money Exchange business.
- The company also committed to what is stated in the official sanctions and embargo lists issued by the United Nations - the Security Council, the European Union and the Office of foreign assets control (OFAC) and other lists of sanctions and embargo that will protect the company from dealing with listed individuals , organizations , commissions and countries.
- The company is also guided by the recommendations of the Financial Action Task Force FATF- to implement best practices in the field of combating money laundering and terrorism financing, since Jordan is an active member in the (Financial Action Task Force for countries in the Middle East and North Africa MENAFATF).
- The company will monitor all transactions it channels, by (Compliance and AML), through special AML Daily detections/alerts and online compliance processing for high risk transactions our systems. (the details of the AML monitoring through the system is mentioned in the policy – refer to the Company Systems Item in this Policy)
The company is commented with the international sanction and embargo is by the United Nations, Office of foreign assets control, and European Union through an automatic monitoring by specialized system as mentioned below (Company Systems)
This policy is considered to be of high-level policy and it must be reviewed on an annual basis (at least once) or when required by the Compliance and Anti-money Laundering Department, and in case there is a need for any amendment, it must be approved by the same parties who prepared, reviewed and adopted the original policy (Board of Directors).