Regulatory Alerts2018-09-02
Added · Updated
Central Bank of Jordan Circular Amending Instruction No. 14/2018 on Prepaid Cards
The Central Bank of Jordan amended Article 15, Item 4 of Instruction No. 14/2018 to prohibit banks from issuing prepaid cards to non-customers without prior approval from the Central Bank. This requirement applies to banks operating in the Kingdom of Jordan and mandates that the Central Bank verify the existence of sufficient controls to manage associated risks before granting such approval.
In the Name of Allah, the Most Gracious, the Most Merciful
Central Bank of Jordan
Reference No.: 12366/10/14 Date: 12/1/1440 AH Corresponding to: 2/9/2018 AD
Circular to Banks Operating in the Kingdom
Greetings,
Following the Anti-Money Laundering and Counter-Terrorism Financing Instructions for Banks No. (14/2018) dated 26/6/2018, we kindly inform you of the amendment to Item 4 of Article (15), which previously prohibited banks from issuing prepaid cards to non-customers, to read as follows:
"Prepaid cards shall not be issued to non-customers of the bank except after obtaining prior approval from the Central Bank of Jordan, in order to verify the existence of sufficient controls to manage the risks associated with such cards and their handling."
Please accept our highest regards,
Governor Dr. Ziad Fariz