Circular to Licensed Exchange Companies Regarding Compliance with Payment and Electronic Money Transfer System No. 111 of 2017

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

[Logo of the Central Bank of Jordan]

Reference No.: 3/9/4095
Date: 8/7/1440 AH
Corresponding to: 16/3/2019 AD

Circular to Licensed Exchange Companies

Subject: Regularizing the status of Licensed Exchange Companies in accordance with the provisions of Payment and Electronic Money Transfer System No. (111) of 2017

Greetings,

With reference to the above subject and following our circular No. (12543/3/26) dated 24/9/2018 on the same matter, and in light of the awareness workshop held for representatives of licensed exchange companies at the Central Bank building on 5/12/2018 regarding Payment and Electronic Money Transfer System No. (111) of 2017, and with the Central Bank's keenness on ensuring the continuity of safe and sound channels for licensed exchange companies to conduct any of their payment and electronic money transfer services, and given the proximity of the deadline for regularizing status according to the provisions of the aforementioned system, which is 16/3/2019, we emphasize to licensed exchange companies the necessity to expedite the completion of their regularization in accordance with the provisions of that system and the instructions issued pursuant thereto, particularly regarding the following:

1. Licensed exchange companies that conduct any of the activities of managing and operating electronic payment systems must submit a license application to the Central Bank.
2. Contracts concluded between licensed exchange companies and companies that manage global and/or local electronic payment systems must include a clause stating that "these contracts are considered void in the event that those companies do not regularize their status with the Central Bank and obtain approval and/or a license for their system," noting in this regard that the provisions of Article (20/d) of the Payment and Electronic Money Transfer System stipulate that all operations related to providing electronic money transfer services must be conducted through a licensed or approved electronic payment system.
3. Licensed exchange companies that conduct the activity of electronic money transfer must provide the Central Bank of Jordan with evidence demonstrating their compliance with all technical and operational requirements in accordance with the Payment and Electronic Money Transfer System and the instructions for technical and operational requirements for payment and electronic money transfer companies No. (8/2018) dated 2/5/2018.

Please accept our highest respect,

The Governor
Dr. Ziad Faris

P.O. Box 370, Amman 11118 - Jordan Phone 9303063 / 4 Fax 9307936 / 4638889 Website www.cbj.gov.jo Email info@cbj.gov.jo