Circular to Licensed Exchange Companies

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

[Central Bank of Jordan Logo]

Number: 14/3/9/ 88
Date: 9 Jumada al-Ula 1442 AH
Corresponding to: January 3, 2021 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 request that you duly provide us with your company's final financial statements for the year 2020, including all related disclosures, and that they be certified by a licensed auditor from the Jordanian Association of Certified Public Accountants, no later than the end of March 2021. In preparing these statements, you must observe International Financial Reporting Standards, including International Financial Reporting Standard No. (16) / Leases. In this context, we emphasize the necessity of the following: -

1. Provide us with these financial statements under a formal cover letter as per due process, and ensure that the financial statements are signed by both the person authorized to sign for administrative matters and the person authorized to sign for financial matters in the company, with the name of the authorized person mentioned.
2. The auditor's certification of the final financial statements must be duly made, by stating the name of the responsible auditor, their license number, and their signature, provided that their signature is certified by the Jordanian Association of Certified Public Accountants and is consistent with its requirements.
3. The final financial statements must include detailed disclosures - at a minimum - regarding the following:
   a. Accounts payable and accounts receivable listed in the statement of financial position and the date these balances originated, with an indication if they were settled subsequent to the financial statements date and the date of settlement. b. Transactions with related parties of the company.
   c. The volume of lawsuits filed against the company and the volume of provisions allocated for them.
   d. Any amounts frozen or restricted from withdrawal. e. Any cases of theft, embezzlement, hacking operations, or insecure access to electronic payment systems used and/or owned by the company, with a statement of the loss incurred by the company as a result thereof, any negative repercussions on the company's financial position, and the nature of the measures taken to address them. f. The company's operating results for both the head office and branches separately, in addition to the volume of current assets, fixed assets, and total assets for each as of 2020/12/31.
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 money transfers, whether in Jordanian Dinars or foreign currencies, during 2020, distributed by month, with an indication of the total revenues generated therefrom. b. A statement of the names of the top (5) markets (countries) with which the company deals in issuing and receiving money transfers, with an indication of the volume of these transactions, the revenues generated therefrom, and the average commission rate collected during 2020 compared to 2019, according to the attached forms.
   c. A statement of balances in Jordanian Dinars and foreign currencies as of 2020/12/31.

---

d. A statement of total sales and purchases against the Jordanian Dinar, distributed by month, ensuring that their totals match the amounts included 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 on each case individually and the extent of the need to allocate any provisions for them.
5. Include any outstanding unpaid amounts, including outstanding unpaid money transfer amounts, as a separate item in the other liabilities account within the statement of financial position, in accordance with International Financial Reporting Standards in this regard, along with a detailed statement of these amounts including the date these amounts were recorded in the company's records and whether they were settled subsequent to the financial statements date, affirming what was stated in our Circular No. (12785/7/2/9) dated 2013/10/20 in this regard.
6. If your review of the final statements and/or their attachments reveals the necessity for you to make any amendments to them, the company must commit to making those amendments and reflecting them in the financial statements where necessary, and provide the Central Bank with them as amended, duly approved, and certified by the company's auditor as quickly as possible to enable the appropriate decision to be made regarding them.

On this occasion, we point out the necessity for you to provide us with a copy of the contract concluded between the company and the auditor, emphasizing the need to observe the provisions of Article (14) of our Instructions No. (2018/70) and its amendments dated 2018/7/5, which require the company to include in the contract concluded with the auditor a clause obliging them to ensure the company's application of the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Law and the effective Exchange Business Law, and those instructions and decisions issued thereunder, and to assess the adequacy of the company's policies and procedures related to anti-money laundering and counter-terrorist financing, and to include the results of this assessment in their report.

We emphasize the importance of full compliance with the foregoing, otherwise your company will be subject to the penalties stipulated in the provisions of Article (26) of the Exchange Business Law No. (44) of 2015.

Please accept our highest regards,

Governor
Dr. Ziad Fariz

Attachments:

1. A statement of foreign currency exchange rates for the purpose of valuing your foreign currency assets and liabilities balances. As for other currencies, they are to be valued according to the average rate as of the end of the last working day of December 2020.
2. Form for a statement of the names of the top (5) markets (countries) with which the company deals in issuing money transfers, the volume of these transactions, the revenues generated therefrom, and the average commission rate collected during 2020.
3. Form for a statement of the names of the top (5) markets (countries) with which the company deals in receiving money transfers, the volume of these transactions, the revenues generated therefrom, and the average commission rate collected during 2020.
   Copy to: Analysis and Monitoring Department

---

Central Bank of Jordan
Foreign Currency Exchange Rates Bulletin for Valuation Purposes

Number: 16786/215/8/5
Date: 16 Jumada al-Ula 1442 AH
Corresponding to: December 31, 2020 AD
Time: 08:12

Below are the foreign currency exchange rates for valuation purposes for Thursday, December 31, 2020, in fils:-

Currency	Average Rate
US Dollar	709.000
Euro	871.325
Pound Sterling	966.045
Swiss Franc	803.855
Japanese Yen/per thousand	687.450
Swedish Krona	86.385
Lebanese Lira/per thousand	468.915
Saudi Riyal	189.030
Bahraini Dinar	1880.540
Kuwaiti Dinar	2329.175
Canadian Dollar	556.380
Pakistani Rupee/per ten	44.170
Indian Rupee/per ten	97.020
Australian Dollar	546.175
New Zealand Dollar	512.080
Norwegian Krone	82.985
Chinese Yuan/per ten	1084.460
Danish Krone	117.095

Central Bank of Jordan

---

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

[Central Bank of Jordan Logo]

Below are the average prices for an ounce of gold, an ounce of silver, and an ounce of 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 2020, for valuation purposes in Jordanian Dinars:

Metal	Average Rate
Gold Ounce	1,343.12
Silver Ounce	18.91
Platinum Ounce	760.06

---

[Central Bank of Jordan Logo]

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

Statement of the names of the top (5) markets (countries) with which the company dealt in receiving money transfers during 2020, the volume of these transactions, the revenues generated therefrom, and the average commission rate collected:

In Jordanian Dinars

Market / Country	Total Volume of Receiving Money Transfer Transactions	Revenues Generated	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: ....................................
Name and Signature of the Person Authorized to Sign for Financial Matters on behalf of the Company: ....................................

---

[Central Bank of Jordan Logo]

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

Statement of the names of the top (5) markets (countries) with which the company dealt in issuing money transfers during 2020, the volume of these transactions, the revenues generated therefrom, and the average commission rate collected:

In Jordanian Dinars

Market / Country	Total Volume of Issuing Money Transfer Transactions	Revenues Generated	Average Commission Rate Collected (Market)
Total

Auditor's Name and Signature: ....................................
Name and Signature of the Person Authorized to Sign for Financial Matters on behalf of the Company: ....................................