Regulatory Alerts2023-12-28
Added · Updated
Circular to Licensed Exchange Companies Regarding Syrian Market Operations
The Central Bank of Jordan reactivates a previously suspended condition requiring licensed exchange companies to refrain from executing transactions on behalf of third-party clients when dealing with Syrian exchange companies. This directive mandates that beneficial owners of incoming transfers must be located in Jordan, while those of outgoing transfers must be in Syria. The order applies to licensed exchange companies and entities with prior approval from the Central Bank of Jordan to engage in Syrian market operations.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 17/4/9 / 1906 Date: 15 / 10 / 1445 AH Corresponding to: 24 / 4 / 2023 AD
Circular to Licensed Exchange Companies and Those with Prior Approval from the Central Bank of Jordan to Deal with the Syrian Market
Greetings,
Further to our Circular No. (6091/17/3/9) dated 2023/3/29, which informed you at that time of the suspension of the implementation of one of the conditions of the approvals granted to deal with licensed Syrian exchange companies in the field of incoming and outgoing financial transfers. This condition stipulated "that the company shall not execute any transactions on behalf of clients of foreign exchange companies (third parties) within the framework of its dealings with the Syrian company, and that the beneficial owner, in the case of incoming transfers, must be in Jordan, and in the case of outgoing transfers, must be in Syria." I hereby inform you of the cancellation of the suspension of the implementation of the aforementioned condition and its reactivation, emphasizing the necessity of full compliance with not executing any transactions on behalf of clients of foreign companies (third parties) within the framework of your dealings with Syrian companies, and full compliance with the conditions of the approvals communicated to you specifically.
Please accept our highest regards,
The Governor Dr. Adel Al-Sharkas [Signature]