Regulatory Alerts2017-09-19
Added · Updated
Central Bank of Jordan Circular on Currency Exchange Fraud
The Central Bank of Jordan issued a circular to banks operating in the Kingdom warning of a fraud scheme involving currency denomination exchanges. The scheme involves fraudsters requesting multiple exchanges or returns to professionally withdraw cash unnoticed, resulting in cash shortages during daily counts. The circular instructs bank staff to exercise caution and vigilance to prevent such losses.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 4/10/12376 Date: 27/Dhul Hijjah/1438 AH Corresponding to: 14/9/2017 AD
Circular to Banks Operating in the Kingdom
Greetings,
We have been informed by several banks that some individuals (fraudsters) have visited their branches and requested to exchange a sum of money for banknotes of a different denomination. Subsequently, the fraudster requests the teller again to exchange the denomination for another or perhaps requests the return of the same amount. At this point, the fraudster professionally withdraws a sum of money without the teller noticing. Upon conducting the daily cash count, a shortage in the cash box is revealed. Please be aware and exercise caution and vigilance.
Yours sincerely,
Governor Dr. Ziad Fariz