Regulatory Alerts2022-09-04
Added · Updated
Circular on General Security and Safety Procedures for Licensed Money Exchange Companies
Licensed money exchange companies and their branches must immediately report incidents such as embezzlement, forgery, theft, fraud, asset shortages, or bad credit to the competent security authorities and the Central Bank of Jordan, providing details and confirmation of the security report. They must also notify the Anti-Money Laundering and Counter-Terrorist Financing Unit regarding cases involving proceeds that may be subject to money laundering or terrorist financing. Additionally, companies are required to provide equipment and procedures to detect forgery and implement specific security measures, including surveillance cameras linked to the General Security Directorate, alarm systems, and video retention for at least one year.