Regulatory Alerts2024-03-27
Added · Updated
Central Bank of Jordan Circular on Digital Services for Licensed Exchange Companies
The Central Bank of Jordan requires licensed exchange companies to obtain prior approval before providing any digital services to clients. This mandate necessitates submitting an application using the specified form, which must be accompanied by a complete feasibility study and a compliance department study. The regulation applies to all licensed exchange companies operating within the Kingdom.
[Central Bank of Jordan Logo]
Number: 5382/4/9 Date: 16/9/1445 AH Corresponding to: 27/3/2024 AD
Circular to Licensed Exchange Companies Subject: Digital Services
Greetings,
In line with the Central Bank of Jordan's commitment to developing the exchange sector in the Kingdom to enhance its role in providing and diversifying distinctive digital services that keep pace with the rapid growth in fintech technology and demand for it, and in accordance with its efforts to support digital transformation and promote financial inclusion for individuals and the business sector, consistent with the Economic Modernization Vision (2023-2025) and its executive program and priorities endorsed by the Central Bank of Jordan.
We would like to inform you that if a company wishes to provide any digital services to its clients, it must submit an application for prior approval according to the approved form for this purpose (attached).
Please accept our highest respect.
Central Bank of Jordan
- Attachment
P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo Form (1/1/09)
[Central Bank of Jordan Logo] Central Bank of Jordan
Application Form for Licensed Exchange Companies to Provide a Digital Service
| Company Data | Company Name | Category: | |
|---|---|---|---|
| Digital Service Requested to be Provided | |||
| Data Related to the Service | Description | ||
| Objective | |||
| Service Provision Location | |||
| Target Categories | |||
| Expected Cost | |||
| Service Provision Requirements* | Service Provider / Partner in Service Provision | ||
| Potential Risks of Providing the Service | |||
| Regulatory Controls Taken to Manage Risks | |||
| Service Provision to the Beneficiary | Procedures / Mechanism for Obtaining the Service | ||
| Time Required to Complete the Service | |||
| Returns of the Service to the Company | Expected Benefits from Providing the Service | ||
| Expected Fees (if any) | |||
| Others | Any other data you deem appropriate to state |
- Attach a complete feasibility study regarding this, including, at a minimum, the above mentioned.
- Attach a compliance department study for providing this service.
We, the undersigned (Board of Directors / Board of Managers / Partners) on behalf of the company .................................................... submitting the application to provide the new digital service mentioned above, certify the accuracy of the data and information provided to the Central Bank for this purpose.
Company General Manager / Authorized Signatory: .................................................... Date: .................................................... Signature: ....................................................