Regulatory Alerts2023-08-14
Added · Updated
Central Bank of Jordan Circular on Mechanisms for Activating Accounts on Electronic Channels
The Central Bank of Jordan mandates that banks and mobile payment service companies implement specific identity verification controls for customers activating or reactivating accounts on electronic channels. These requirements include verifying at least three pieces of data across personal, account, and card categories, utilizing One-Time Passwords or biometrics, and restricting authorized device access to a maximum of three non-simultaneous devices. Institutions must also enforce periodic OTP verification every 90 days, monitor for unusual login activity, and regularize their compliance within six months of the circular's issuance.