Regulatory Alerts2023-04-02
Added · Updated
Circular to Licensed Exchange Companies Regarding Compliance with Licensed Activity Categories
The Central Bank of Jordan mandates that licensed exchange companies strictly limit their operations to the specific activities permitted under their licensed category, as defined by the Exchange Companies Licensing System No. (39) of 2021. The regulator specifically prohibits Category (C) companies from issuing and receiving money transfers, restricting them exclusively to providing electronic money transfer services as sub-agents through approved electronic payment systems. This directive enforces the expiration of previous deadlines for ceasing unauthorized transactions and warns that non-compliance will result in legal measures. Additionally, market participants are required to verify that any dealings with licensed exchange companies align with the recipient's licensed operational category.