Regulatory Alerts2018-09-24
Added · Updated
Circular on Harmonizing the Status of Licensed Money Exchange Companies Under Payment and Electronic Money Transfer Law No. 111 of 2017
The Central Bank of Jordan requires licensed money exchange companies engaging in electronic money transfer or other payment services to harmonize their status under Payment and Electronic Money Transfer Law No. 111 of 2017 within one year. Companies must submit compliance requests to the Central Bank and may be exempted from specific capital and governance requirements, though approvals become void if harmonization is not achieved. Additionally, money exchange companies are prohibited from entrusting third parties with electronic money transfer services unless the third party is a licensed entity or the arrangement is limited to technical and operational aspects.