Circular Regarding the Exercise of Accuracy in Information and Data Provided to the Central Bank No. (6682/3/10) Dated 2012/6/14

The Central Bank mandates that banks ensure the accuracy of all information and data provided to it, including internal controls and supervisory reports. Banks are required to promptly correct any inaccurate or delayed data submitted to the Central Bank without waiting for further instructions. Failure to comply with these requirements subjects the banks to monetary fines as stipulated by Article 28 of Banking Law No. (28) of 2000.

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Circular No. (6682/3/10) Dated 2012/6/14

It has recently been observed during office and field supervision activities that some banks fail to exercise due diligence in providing accurate information and data to the Central Bank, leading to delays in submitting internal controls and supervisory reports. This undermines the effectiveness of the information systems currently in place at those banks.

Furthermore, a significant amount of time passes before such inaccurate and untimely information is corrected, often preventing the adoption of appropriate decisions at the right time.

Given that the provision of annual supervisory reports is among the responsibilities entrusted to banks, and considering the importance of this matter, we emphasize the necessity of implementing the following rules:

First: If it becomes apparent that there is a deviation from the aforementioned rules, we will be compelled to apply the provisions of Article 28 of Banking Law No. (28) of 2000, which imposes monetary fines in such cases.

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Lineage: In force

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Source: Central Bank of Jordan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works