Regulatory Alerts2024-03-31
Added · Updated
Central Bank of Jordan Circular on Business Continuity for Licensed Exchange Companies
The Central Bank of Jordan mandates that all licensed exchange companies implement a business continuity policy for total electrical failure, updated at least annually, within six months. Category A companies must install alternative power systems like UPS, train specialized technical staff, and ensure elevator opening mechanisms. Category A firms operating electronic payment systems must additionally use multiple automatic power supply points, install Automatic Transfer Switch systems, and locate backup equipment in protected areas.
[Logo of the Central Bank of Jordan]
Number: 1/9/5549 Date: 9/9/1445 AH Corresponding to: 21/2/2024 AD
Circular to Licensed Exchange Companies
Greetings,
In light of the Central Bank of Jordan's role in maintaining the continuity and sustainability of operations for licensed exchange companies, and its commitment to the security and safety of their transactions and the rights of their clients, and to ensure business continuity in the event of comprehensive power outages, I emphasize the necessity of adopting the following measures within a maximum deadline of six months from the date of this circular:
First: Licensed exchange companies within Category (A) must adhere to the following procedures: a. Provide an alternative power system (UPS) in the event of a failure of the main electricity source required to operate the company's systems and sensitive operations. b. Provide and train a specialized technical staff capable of operating and maintaining backup power systems, continuously inspecting their fuel reserves, as well as the related electrical connections. c. Ensure the existence of a mechanism to open elevators (if available) in the event of power outages and train a group of employees on this mechanism.
Second: Licensed exchange companies within Category (A) that engage in the activity of managing and operating electronic payment systems must adhere to the procedures mentioned in the First item, in addition to the following: a. Use multiple points to supply the main devices and their accessories with electrical power to avoid the risk of relying on a single power source, and ensure that switching between them is automatic. b. Provide an Automatic Transfer Switch (ATS) system and any necessary equipment to operate backup systems. c. Install backup systems in safe locations protected from earthquakes, floods, and fires, as much as possible.
Third: All licensed exchange companies must prepare a clear policy that includes the steps and procedures to be followed to ensure the continuity of the company's business and to face any risks in cases of total electrical failure, ensuring it is updated continuously and at least annually.
Please accept our highest respect,
The Central Bank of Jordan