Central Bank of Jordan Circular on Final Financial Statements for Licensed Money Exchange Companies for 2021

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

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Reference No: 14/3/9/180
Date: 29/5/1443 AH
Corresponding to: 3/1/2022 AD

Circular to Licensed Money Exchange Companies

Greetings,

Based on the provisions of Article (22/b) of Money Exchange Activities Law No. (44) of 2015, we inform you of the necessity to formally provide us with your company's final data for the year 2021, including all related clarifications, and that they must be certified by a licensed auditor from the Jordanian Association of Certified Public Accountants, by no later than the end of March 2022. In preparing them, you must observe International Financial Reporting Standards. In this context, we emphasize the necessity of the following:

1. Providing us with those financial data via an official cover letter in the proper manner, and that the financial statements be 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. That the auditor's certification of the final data be in proper order, by stating the name of the responsible auditor, their license number, and their signature, and that their signature be certified by the Jordanian Association of Certified Public Accountants in accordance with its requirements.

3. That the final data include detailed clarifications - at a minimum - regarding the following:
   a. Creditor and debtor accounts listed in the statement of financial position and the date of inception of these accounts, with clarification on 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 theft, embezzlement, 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 thereof and any negative repercussions 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, in addition to the volume of current assets, fixed assets, and total assets held by each as of 31/12/2021.

4. That the attachments to the final data include the following:
   a. A statement of the total volume of the company's transactions in issuing and receiving money transfers, whether in Jordanian Dinar or foreign currencies, during the year 2021, distributed by months, with a statement of the total revenue derived therefrom. b. A statement of the names of the top (5) markets (countries) the company deals with in issuing and receiving money transfers, with a statement of the volume of such transactions and the revenue derived therefrom, and the average commission rate collected during the year 2021, according to the attached forms.
   c. A statement of balances in Jordanian Dinar and foreign currencies as of 31/12/2021.

d. A statement of total sales and purchases against the Jordanian Dinar, distributed by months, ensuring that their totals match the amounts stated in the company's final data. e. A statement detailing cases filed against the company and the clear and explicit opinion of the company's lawyer regarding the company's position on each case individually and the need to accrue any provisions against them.

5. Including any pending unpaid amounts, including pending unpaid transfer amounts, in a separate line 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 these amounts were recorded in the company's records and whether they were settled after the date of the final data. We emphasize what was stated in our circular No. (12785/7/2/9) dated 20/10/2013 regarding this matter.

6. The company's commitment to respond promptly to any inquiries and/or clarifications from the Central Bank and to provide all necessary data for the purpose of completing the study of the company's final data, and to answer all correspondence issued to it regarding this matter as quickly as possible.

7. If the study of the final data and/or its 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 modified, properly approved, and auditor-certified data to the Central Bank as quickly as possible to allow for the appropriate decision to be taken regarding them.

We note on this occasion the necessity of providing us with a copy of the contract concluded between the company and the auditor, emphasizing the necessity of observing the provisions of Article (14) of our instructions No. (2018/70) and its amendments dated 5/7/2018, which require the company to include in the contract concluded with the auditor the necessary provisions requiring the auditor to ensure that the company applies the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Law, the Money Exchange Activities Law in force, and all instructions and decisions issued pursuant thereto, and to evaluate the adequacy of the company's policies and procedures related to anti-money laundering and counter-terrorist financing, and to include that in the results of his report.

We emphasize the importance of strict compliance with the above, and otherwise, your company will be subject to the application of the penalties stipulated in Article (26) of the Money Exchange Activities Law No. (44) of 2015.

Please accept our highest regards,

The Governor
Dr. Ziad Friez

Attachments:

1. A statement of foreign exchange rates for the purpose of valuing your foreign currency assets and liabilities. As for other currencies, they are valued according to the average price as of the end of the last working day of December 2021.
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 2021, for the purpose of valuation in Jordanian Dinar.
3. Form for a statement of the names of the top (5) markets (countries) the company deals with in issuing money transfers, the volume of such transactions and the revenue derived therefrom, and the average commission rate collected during the year 2021.
4. Form for a statement of the names of the top (5) markets (countries) the company deals with in receiving money transfers, the volume of such transactions and the revenue derived therefrom, and the average commission rate collected during the year 2021.

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Daily Foreign Exchange Rate Bulletin for Valuation Purposes Reference No: 20259/215/8/5 Date: 25 Jumada al-Awwal 1443 AH Corresponding to: 30 December 2021 AD Time: 08:12

We list below the foreign exchange rates for valuation purposes for Thursday, corresponding to 2021-12-30, in fils:

Currency	Average Price
US Dollar	709.000
Euro	803.015
British Pound	955.840
Swiss Franc	773.805
Japanese Yen / per hundred	615.910
Swedish Krona	78.425
Lebanese Lira / per thousand	468.855
Saudi Riyal	188.865
Bahraini Dinar	1880.510
Kuwaiti Dinar	2342.795
Canadian Dollar	553.820
Pakistani Rupee / per ten	39.700
Indian Rupee / per ten	94.995
Australian Dollar	513.985
New Zealand Dollar	484.460
Norwegian Krone	80.540
Chinese Yuan / per ten	1113.215
Danish Krone	107.980

Central Bank of Jordan

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

[Logo of the Central Bank of Jordan]

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 2021 (30/12/2021), for the purpose of valuation in Jordanian Dinar:

Metal	Average Price
Ounce of Gold	1275.17
Ounce of Silver	16.07
Ounce of Platinum	684.45

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

Statement of the names of the top (5) markets (countries) the company dealt with in issuing money transfers during the year 2021, the volume of such transactions and the revenue derived therefrom, and the average commission rate collected:

In Jordanian Dinar

Market / Country	Total Volume of Transactions in Issuing Money Transfers	Revenue Derived	Average Commission Rate Collected (Market)
Total

Auditor Name and Signature: ...........................
Name of the Person Authorized to Sign for the Company Regarding Financial Matters and Signature: ...........................

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[Logo of the Central Bank of Jordan]
Company Name ...................................

Statement of the names of the top (5) markets (countries) the company dealt with in receiving money transfers during the year 2021, the volume of such transactions and the revenue derived therefrom, and the average commission rate collected:

In Jordanian Dinar

Market / Country	Total Volume of Transactions in Receiving Money Transfers	Revenue Derived	Average Commission Rate Collected (Market)
Total

Auditor Name and Signature: ...........................
Name of the Person Authorized to Sign for the Company Regarding Financial Matters and Signature: ...........................

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