Regulatory Alerts2020-05-05
Added · Updated
Circular to Licensed Exchange Companies Regarding Transparency in Commission Disclosure
The Central Bank of Jordan mandates that licensed exchange companies transparently declare and disclose commission prices for all banking services, including those collected by foreign correspondents. This requirement applies to current prices and any modifications thereto, reinforcing obligations established in Circular No. (6983/4/9) dated June 5, 2013. The directive targets licensed exchange companies operating in Jordan to ensure customers understand service costs during the coronavirus pandemic.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 17/3/9 / 591 Date: 11 / Ramadan / 1441 AH Corresponding to: 5 / 5 / 2020 AD
Circular to Licensed Exchange Companies
Greetings,
With the Central Bank of Jordan's commitment to protecting the rights of customers dealing with the banking sector and its continuous effort to enhance values of fair and transparent customer treatment, ensuring that services provided to these customers possess clear characteristics and conditions that enable them to understand the nature and cost of those services—especially under the exceptional circumstances currently facing the Hashemite Kingdom of Jordan due to the repercussions of the novel coronavirus—we emphasize the necessity of adhering to transparent declaration and disclosure of the commission prices charged by the company on all banking services and any modifications thereto, including commission prices collected by correspondents abroad, in accordance with what was stated in our circular No. (6983/4/9) dated 2013/6/5 regarding the same.
Please accept our highest respect,
Governor Dr. Ziad Fries