Regulatory Alerts2016-11-07
Added · Updated
Circular Regarding Requirements for Approving Money Transfer Transactions with External Exchange Companies
The Central Bank of Jordan mandates that licensed exchange companies must submit specific documentation to obtain approval for conducting money transfer transactions with external exchange companies. Applicants are required to provide an original signed letter detailing the external party's name, country of operation, and transaction nature, alongside an official license document from the relevant foreign regulatory authorities. This directive addresses recent instances where requests were submitted without the necessary supporting requirements.
In the name of Allah, the Most Gracious, the Most Merciful
Central Bank of Jordan
Number: 2914 / 7/3/9 Date: 4 / 4 / 1433 AH Corresponding to: 12 / 2 / 2012 AD
Circular to Licensed Exchange Companies
It has been observed recently that some licensed exchange companies in the Kingdom have submitted requests for approval to conduct money transfer transactions with external exchange companies without attaching the necessary requirements for consideration. In order to enable us to consider such requests, any exchange company wishing to conduct money transfers with external exchange companies must provide us with the following:
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An original letter from the company bearing the official name of the company, signed by the authorized signatories, including: a request for approval to deal with an external party, the name of the external party, the name of the country in which this party operates, and the nature of the transaction for which approval is sought.
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An official document issued by the regulatory authorities in the relevant country stating that the exchange/money transfer company is licensed and permitted to conduct external money transfers. In the event that those authorities do not require annual renewal of the license, supporting documentation confirming this must be attached.
Please accept our highest regards,,,
Governor Dr. Ziad Fariz