Circular on Submission of 2022 Financial Statements by Licensed Exchange Companies

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

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Reference No.: 14/3/9/45
Date: 9/1/1444 AH
Corresponding to: 2/1/2023 AD

Circular to Licensed Exchange Companies

Greetings,

Based on the provisions of Article (22/b) of the Exchange Business Law No. (44) of 2015, we inform you of the necessity to formally provide us with your company's financial statements for the year 2022, including all relevant clarifications, and to be certified by a licensed auditor from the Jordanian Association of Certified Public Accountants, by no later than the end of March 2023. In preparing these statements, you must adhere to International Financial Reporting Standards. In this context, we emphasize the following requirements:

1. Provide these financial statements via an official cover letter in the proper format, with the financial statements signed by both the person authorized to sign for administrative matters and the person authorized to sign for financial matters in the company, stating the name of the authorized person.
2. The auditor's certification of the final financial statements must be in proper format, stating the name of the responsible auditor, their license number, and their signature, with their signature certified by the Jordanian Association of Certified Public Accountants in accordance with its requirements.
3. The financial statements must include, as a minimum, detailed clarifications on the following:
   a. Creditors' and debtors' accounts listed in the statement of financial position and the date these accounts originated, specifying if they were settled after the financial statement date and the date of such settlement. b. Transactions with related parties to the company.
   c. The volume of lawsuits filed against the company and the volume of provisions accrued against them.
   d. Any amounts withheld or restricted for withdrawal. e. Any cases of embezzlement, forgery, theft, fraud, shortage in actual assets, bad credit, hacking, or insecure access to electronic payment systems used and/or owned by the company, stating the volume of losses incurred by the company as a result, any negative impacts on the company's financial status, and the measures taken to address them. f. The company's operational results in both the headquarters and branches separately, in addition to the volume of current assets, fixed assets, and total assets for each as of 31/12/2022. g. Details of prepaid expenses and accrued expenses listed in the statement of financial position as of 31/12/2022, clarifying the date they were recorded in the records and specifying if accrued expenses were settled after the financial statement date and the date of such settlement.
4. The attachments to the final financial statements must include the following:
   a. A statement of the total volume of the company's transactions in issuing and receiving remittances, whether in Jordanian Dinar or foreign currencies, during 2022, distributed by month, with the total revenue generated from them specified. b. A statement of the names of the top (5) markets (countries) the company deals with in issuing and receiving remittances, specifying the volume of these transactions and the revenue generated from them, and the average commission rate collected during 2022, according to the attached forms.

c. A statement of balances in Jordanian Dinar and foreign currencies as of 31/12/2022.
d. A statement of total sales and purchases against the Jordanian Dinar, distributed by month, ensuring their totals match the amounts stated in the company's final financial statements. e. A statement detailing lawsuits filed against the company and the clear and explicit opinion of the company's lawyer regarding the company's position in each case separately, and the extent to which provisions need to be accrued against them.

5. Include any outstanding unpaid amounts, including outstanding unpaid remittance amounts, under a separate line item in "Other Liabilities" within the statement of financial position, in accordance with International Financial Reporting Standards, attaching a detailed statement of these amounts including the date they were recorded in the company's records and whether they were settled after the financial statement date. We emphasize what was stated in our circular No. (12785/7/2/9) dated 20/10/2013 regarding this matter.
6. If the review of the company's financial statements and/or their attachments reveals the need for any modifications, the company must commit to making those modifications and reflecting them in the financial statements as required, and providing the Central Bank with the modified, properly certified, and auditor-certified statements within the specified deadline to allow for the appropriate decision to be made regarding them.
7. The company must commit to providing the Central Bank with its response to any inquiries and/or clarifications, and providing us with all necessary data to complete the study of the company's final statements, and answering all correspondence issued to it regarding this matter within the specified deadline.

We also point out the necessity of providing us with a copy of the contract concluded between the company and the auditor, ensuring it includes provisions indicating that the auditor has verified the company's compliance with the Anti-Money Laundering and Counter-Terrorist Financing Law, the Exchange Business Law in force, and all instructions and decisions issued under them. Additionally, provide us, attached to the final financial statements, with your auditor's evaluation regarding the company's compliance with policies related to combating money laundering and terrorist financing.

Emphasizing the importance of strict adherence to the above, otherwise, your company will be subject to the application of penalties stipulated in Article (26) of the Exchange Business Law No. (44) of 2015.

Please accept our highest respect,

The Governor
Dr. Adel Al-Sharkas

Attachments:

1. A statement of foreign exchange rates for the purpose of evaluating your assets and liabilities in foreign currencies. As for other currencies, they are evaluated according to the average rate as of the end of the last working day of December 2022.
2. A statement of the average price per ounce of gold, silver, and platinum as of the end of the last working day of December 2022, for the purpose of evaluation in Jordanian Dinar.
3. Form for a statement of the names of the top (5) markets (countries) the company deals with in issuing remittances, the volume of these transactions and the revenue generated from them, and the average commission rate collected during 2022.
4. Form for a statement of the names of the top (5) markets (countries) the company deals with in receiving remittances, the volume of these transactions and the revenue generated from them, and the average commission rate collected during 2022.

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[Logo of the Central Bank of Jordan]

Company Name ....................................

Statement of the names of the top (5) markets (countries) the company dealt with in issuing remittances during 2022, the volume of these transactions and the revenue generated from them, and the average commission rate collected:

In Jordanian Dinar

Market / Country	Total Volume of Transactions in Issuing Remittances	Revenue Generated	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: ....................
Name of Authorized Person for Financial Matters and Signature: ....................

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[Logo of the Central Bank of Jordan]

Company Name ....................................

Statement of the names of the top (5) markets (countries) the company dealt with in receiving remittances during 2022, the volume of these transactions and the revenue generated from them, and the average commission rate collected:

In Jordanian Dinar

Market / Country	Total Volume of Transactions in Receiving Remittances	Revenue Generated	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: ....................
Name of Authorized Person for Financial Matters and Signature: ....................

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Central Bank of Jordan
Daily Foreign Exchange Rates Bulletin for Evaluation Purposes

Reference No.: 20947/215/8/5
Date: 5 Jumada al-Thani 1444 AH
Corresponding to: 29 December 2022 AD
Time: 08:12

We list below the foreign exchange rates for evaluation purposes for Thursday, 2022-12-29, in fils:

Currency	Average Rate
US Dollar	709.000
Euro	753.315
British Pound	853.745
Swiss Franc	764.790
Japanese Yen / per hundred	530.450
Swedish Krona	67.780
Lebanese Lira / per thousand	468.915
Saudi Riyal	188.590
Bahraini Dinar	1880.640
Kuwaiti Dinar	2314.425
Canadian Dollar	521.895
Pakistani Rupee / per ten	31.275
Indian Rupee / per ten	85.605
Australian Dollar	478.645
New Zealand Dollar	449.895
Norwegian Krone	71.695
Chinese Yuan / per ten	1016.880
Danish Krone	101.310
UAE Dirham	193.045

Central Bank of Jordan

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

[Logo of the Central Bank of Jordan]

We list below the average price per ounce of gold, silver, and platinum, weighing (31.1035) grams and with a purity of (995) per thousand or more, as of the end of the last working day of December 2022 (2022/12/29), for the purpose of evaluation in Jordanian Dinar:

Metal	Average Rate
Ounce of Gold	1282.155
Ounce of Silver	16.801
Ounce of Platinum	718.28

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