Circular Regarding Monetary Fine Penalties No. (14764/1/10) dated 2014/12/10

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

Number: 14764 / 1 / 10
Date: 12/2/1436 AH
Corresponding: 10/2/2014 AD

Circular to Banks Operating in the Kingdom

Greetings,

Based on the provisions of Article (88) of the Central Bank Law No. (28) of 2000 and its amendments, please be informed of the issuance of the Central Bank Board of Directors Decision No. (2014/170) dated 27/11/2014, which includes the following:

First: Approval of imposing monetary fine penalties – for violations that do not carry specific monetary fines within laws or instructions – on banks that receive more than one warning within a year, according to the following mechanism:

1. If a bank violates the provisions of Article (88/a) of the aforementioned Law and a warning penalty is decided for the bank for the first time, no fine is imposed.

2. If a warning penalty is decided for the bank for the second time, a monetary fine of (20) thousand dinars is imposed in addition to the warning.

3. If a warning penalty is decided for the bank for the third time, a monetary fine of (50) thousand dinars is imposed in addition to the warning.

4. If a warning penalty is decided for the bank for the fourth time, a monetary fine of (100) thousand dinars is imposed in addition to the warning.

And such that the warning penalty expires for the purpose of calculating the monetary fine after the passage of one year from the date of its imposition.

Second: The above shall be implemented as of its date.

Please accept our highest respect,

Governor
Dr. Ziad Fariz

Website: www.cbj.gov.jo • E-mail: info@cbj.gov.jo • Fax: 4636889, 4636730, 4636731 • Phone: 2-1-463 • P.O. Box 37, Amman 11118, Jordan (1/2014/11) Classification