Regulatory Alerts2023-03-29
Added · Updated
Circular No. 10/9/17369: Suspension of Third-Party Transaction Restrictions for Licensed Money Changers Dealing with the Syrian Market
The Central Bank of Jordan suspended the prohibition on licensed money changers executing transactions for third-party foreign money changers within the context of dealings with Syrian companies, effective immediately until further notice. This suspension applies provided that money changers maintain separate files for all supporting documentation, obtain prior Central Bank approval for such third-party arrangements, and implement enhanced due diligence and internal risk management policies, including specific transaction caps. The directive mandates strict adherence to anti-money laundering and counter-terrorist financing regulations, requiring updated monitoring scenarios and close scrutiny of transaction patterns to ensure compliance with established limits.