Circular on Security Procedures and Controls for Cash Transportation by Licensed Money Exchange Companies

In the Name of Allah, the Most Gracious, the Most Merciful

[Logo of the Central Bank of Jordan]

Number: 14/9/16049
Date: 5/2/1445 AH
Corresponding to: 24/8/2023 AD

Circular to Licensed Money Exchange Companies Subject: Providing procedures and controls to ensure the security and safety of cash transfer processes for licensed money exchange companies in the Kingdom

Greetings,

In line with the Central Bank of Jordan's commitment to preserving the security and safety of transactions involving licensed money exchange companies and their clients, and with the aim of enhancing security and supervisory controls regarding cash security and reducing risks that the financial sector may face, particularly those related to cash transfer operations, I emphasize the necessity of providing the necessary controls to mitigate risks associated with cash transfers, ensuring that the following specifications and requirements are met at a minimum:

1. Equipping vehicles designated for cash transfer in a manner that ensures the minimization of any risks that licensed money exchange companies may face during the cash transfer process, in accordance with the following:

   • Equipping vehicles designated for cash transfer with satellite tracking devices connected to the operations department at the main headquarters of the money exchange company.
   • Using vehicles equipped with the latest international safety standards for the storage and transfer of cash.
   • Equipping vehicles designated for cash transfer with monitoring systems, such as internal and external surveillance cameras, connected to the main headquarters of the money exchange company.

2. Providing an insurance policy that covers all potential risks that a licensed money exchange company may face within the framework of the cash transfer process.

3. Taking all measures that guarantee complete confidentiality in the cash transfer process to and/or from the company.

4. The licensed money exchange company must designate a qualified staff with an appropriate number of individuals possessing military and security experience to serve in the execution of cash transfer operations, provided that they are appointed on the company's official employment roster.

5. Continuous follow-up by the internal audit department of each company regarding the measures taken in the cash transfer process and including them in the company's audit plan.

Please accept our highest respect,

The Governor
Dr. Adel Al-Sharkas
[Signature]

Form (1/1-1/1)
Classification Level: General
P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo