Central Bank of Jordan Circular No. 14/3/9/45: Submission of 2022 Financial Statements by Licensed Exchange Companies

In the Name of Allah, the Most Gracious, the Most Merciful

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Reference No.: 14/3/9/45 Date: 9/1/1444 AH Corresponding to: 2/1/2023 AD

Circular to Licensed Exchange Companies

Greetings,

Based on the provisions of Article (22/b) of the Exchange Business Law No. (44) of 2015, we inform you of the necessity to formally provide us with your company's financial data for the year 2022, including all related clarifications, and to be certified by a licensed auditor from the Jordanian Association of Certified Public Accountants, by no later than the end of March 2023. In preparing them, adhere to International Financial Reporting Standards. In this context, we emphasize the necessity of the following:

1. Provide us with those financial data via an official cover letter in accordance with regulations, and ensure that the financial statements are signed by both the person authorized to sign for administrative matters and the person authorized to sign for financial matters in the company, stating the name of the authorized person.
2. The auditor's certification of the final financial statements must be in accordance with regulations, stating the name of the responsible auditor, their license number, and their signature, with their signature certified by the Jordanian Association of Certified Public Accountants in accordance with its requirements.
3. The financial statements must include detailed clarifications - at a minimum - regarding the following: a. Creditors' and debtors' accounts listed in the statement of financial position and the date of inception of these accounts, stating whether they were settled after the date of the financial statements and the date of such settlement. b. Transactions with related parties to the company. c. The volume of cases filed against the company and the volume of provisions accrued against them. d. Any amounts reserved or restricted for withdrawal. e. Any cases of embezzlement, forgery, theft, fraud, shortage in actual assets, bad credit, hacking, or insecure access to electronic payment systems used and/or owned by the company, stating the volume of losses incurred by the company as a result, any negative impacts on the company's financial status, and the nature of measures taken to address them. f. The company's operational results in both the headquarters and branches separately, in addition to the volume of current assets, fixed assets, and total assets for each as of 31/12/2022. g. Details of prepaid expenses and accrued expenses listed in the statement of financial position as of 31/12/2022, clarifying the date of their entry in the records and stating whether accrued expenses were settled after the date of the financial statements and the date of such settlement.
4. The attachments to the final financial statements must include the following: a. A statement of the total volume of the company's transactions in issuing and receiving remittances, whether in Jordanian Dinars or foreign currencies, during the year 2022, distributed by months, stating the total revenue derived from them. b. A statement of the names of the top (5) markets (countries) with which the company transacts in issuing and receiving remittances, stating the volume of those transactions and the revenues derived from them, and the average commission rate collected during the year 2022, according to the attached forms.

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In the Name of Allah, the Most Gracious, the Most Merciful

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c. A statement of balances in Jordanian Dinars and foreign currencies as of 31/12/2022. d. A statement of total sales and purchases against Jordanian Dinars, distributed by months, ensuring that their totals match the amounts stated in the company's final financial statements. e. A statement of details of cases filed against the company and the clear and explicit opinion of the company's lawyer regarding the company's position in each case separately and the need to accrue any provisions against them.

5. Include any outstanding unpaid amounts, including outstanding unpaid remittance amounts, as a separate item under "Other Liabilities" in the statement of financial position, in accordance with International Financial Reporting Standards, attaching a detailed statement of those amounts including the date of entry of these amounts in the company's records and whether they were settled after the date of the financial statements. We emphasize what was stated in our circular No. (12785/7/2/9) dated 20/10/2013 regarding this matter.
6. If the study of the company's financial statements and/or their attachments reveals the need for you to make any modifications to them, the company must commit to making those modifications and reflecting them in the financial statements where necessary, and providing the Central Bank with the modified, properly certified, and auditor-certified statements within the specified deadline to allow for the appropriate decision to be taken regarding them.
7. The company must commit to providing the Central Bank with its response to any inquiries and/or clarifications and providing us with all necessary data for the purpose of completing the study of the company's final statements, and answering all correspondence issued to it regarding this matter within the specified deadline.

We also point out the necessity of providing us with a copy of the contract concluded between the company and the auditor, ensuring it includes provisions indicating that the auditor has verified the company's compliance with the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Law, the Exchange Business Law in force, and all instructions and decisions issued pursuant to them. Provide us, attached with the final financial statements, with your auditor's assessment regarding the company's compliance with policies related to combating money laundering and terrorist financing.

Emphasizing the importance of strict adherence to the above, otherwise, your company will be subject to the application of penalties stipulated in Article (26) of the Exchange Business Law No. 44 of 2015.

Please accept our highest respect,

The Governor Dr. Adel Al-Sharkas

Attachments:

1. A statement of foreign exchange rates for the purpose of valuing your foreign currency asset balances and foreign currency liability balances. As for other currencies, they are valued according to the average price as of the end of the last working day of December 2022.
2. A statement of the average price of an ounce of gold, an ounce of silver, and an ounce of platinum as of the end of the last working day of December 2022, for the purpose of valuation in Jordanian Dinars.
3. Form for a statement of the names of the top (5) markets (countries) with which the company transacts in issuing remittances, the volume of those transactions and the revenues derived from them, and the average commission rate collected during the year 2022.
4. Form for a statement of the names of the top (5) markets (countries) with which the company transacts in receiving remittances, the volume of those transactions and the revenues derived from them, and the average commission rate collected during the year 2022.

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Company Name ....................................

Statement of the names of the top (5) markets (countries) with which the company transacted in issuing remittances during the year 2022, the volume of those transactions and the revenues derived from them, and the average commission rate collected:

In Jordanian Dinars

Market / Country	Total Volume of Transactions in Issuing Remittances	Revenues Derived	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: .................... Name of Person Authorized to Sign for Financial Matters and Signature: ....................

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Company Name ....................................

Statement of the names of the top (5) markets (countries) with which the company transacted in receiving remittances during the year 2022, the volume of those transactions and the revenues derived from them, and the average commission rate collected:

In Jordanian Dinars

Market / Country	Total Volume of Transactions in Receiving Remittances	Revenues Derived	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: .................... Name of Person Authorized to Sign for Financial Matters and Signature: ....................

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Central Bank of Jordan Daily Foreign Exchange Rates Bulletin for Valuation Purposes

Reference No.: 20947/215/8/5 Date: 5 Jumada al-Thani 1444 AH Corresponding to: 29 December 2022 AD Time: 08:12

We list below the foreign exchange rates for valuation purposes for Thursday, 29-12-2022, in fils:

Currency	Average Price
US Dollar	709.000
Euro	753.315
British Pound	853.745
Swiss Franc	764.790
Japanese Yen / per hundred	530.450
Swedish Krona	67.780
Lebanese Lira / per thousand	468.915
Saudi Riyal	188.590
Bahraini Dinar	1880.640
Kuwaiti Dinar	2314.425
Canadian Dollar	521.895
Pakistani Rupee / per ten	31.275
Indian Rupee / per ten	85.605
Australian Dollar	478.645
New Zealand Dollar	449.895
Norwegian Krone	71.695
Chinese Yuan / per ten	1016.880
Danish Krone	101.310
UAE Dirham	193.045

Central Bank of Jordan

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In the Name of Allah, the Most Gracious, the Most Merciful

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We list below the average price of an ounce of gold, an ounce of silver, and an ounce of platinum, weighing (31.1035) grams and with a purity of (995) per thousand or more, as of the end of the last working day of December 2022 (2022/12/29), for the purpose of valuation in Jordanian Dinars:

Metal	Average Price
Ounce of Gold	1282.155
Ounce of Silver	16.801
Ounce of Platinum	718.28

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