Regulatory Alerts2019-04-25
Added · Updated
Central Bank of Jordan Circular Regarding Mandatory Payment System Services
The Central Bank of Jordan reiterates that the principle of compulsion in applying any service is unacceptable for all types and forms of services provided by managers of payment systems and their agents. Banks are required to determine the activation of any service based on their own decision, risk management capabilities, internal policy, and strategic plan. This directive applies to all banks operating in the Kingdom of Jordan.
In the name of Allah, the Most Gracious, the Most Merciful
Central Bank of Jordan
Ref: 3/10/6474 Date: 19/8/1440 AH Corresponding to: 25/4/2019 AD
Circular to all banks operating in the Kingdom
Greetings,
Further to our circular No. (3/10/16506) dated 2018/12/10 regarding certain managers of global payment systems imposing mandatory requirements on banks.
We reiterate that the principle of compulsion in applying any service is unacceptable, and this applies to all types and forms of services provided by managers of payment systems and/or their agents. The activation of any service is subject to the Bank's decision and desire, based on its ability to manage the risks arising from providing such services for the benefit of its clients, its internal policy, and its strategic plan.
Please accept our highest respect,
Governor Dr. Ziad Friez