Regulatory Alerts2023-08-14
Added · Updated
Circular on Mechanisms for Activating Accounts on Electronic Channels
The Central Bank of Jordan mandates that banks and mobile payment service companies implement specific identity verification controls for customers creating, reactivating, or accessing electronic channels. Providers must verify identity using at least three data pieces from distinct categories, send OTPs or use biometrics, and enforce a maximum limit of three authorized devices per account. Additionally, institutions must validate phone numbers via OTPs every 90 days, monitor for suspicious activity, and regularize their status within six months of the circular's issuance.