Sanctions carried out on Jordan Ahli Bank for breach of anti-money laundering rules

Sanctions carried out on Jordan Ahli Bank for breach of anti-money laundering rules

The Central Bank of Cyprus imposed a financial fine of €352,980 to the Cyprus branch of Jordan Ahli Bank for breach of the anti-money laundering (AML) regulations. The bank supervisor, in process of examining the bank’s compliance with the anti-money laundering standards, discovered the failure of the bank to implement the anti-money laundering and terrorist financing rules, and specifically the fourth directive. 

The Central Bank concluded that if the Jordan Ahli Bank pays the fine within a specific timeframe, then it will be reduced by 15%. 

Lastly, the Central Bank - following the provisions of the Cyprus administrative law - gave the opportunity to Jordan Ahli Bank to be heard, before concluding to its decision to fine the bank.


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