Regulatory Alerts2024-10-06
Added · Updated
Central Bank of Jordan Financial Consumer Protection Instructions for the Banking Sector No. (14/2024)
The Central Bank of Jordan issued Financial Consumer Protection Instructions for the Banking Sector, effective 90 days after publication, imposing strict obligations on all banks operating in the Kingdom. The regulations mandate fair treatment, transparency, and responsible pricing, including caps on late payment interest at 1% above the applicable rate and prohibitions on accumulating fees for more than three months. Banks are required to verify customer creditworthiness using Debt Burden and Over-Indebtedness ratios, provide detailed credit fact sheets and effective annual percentage rates, and ensure data privacy and secure electronic banking practices.