Regulatory Alerts2021-07-07
Added · Updated
Extension of Validity of Approvals Granted to Exchange Companies to Deal with External Parties
The Central Bank of Jordan has extended the validity of all approvals granted to licensed exchange companies for dealing with external parties, effective from a Board of Directors decision on July 1, 2021. This extension applies until these companies regularize their status in accordance with the Exchange Business Law and its regulations, provided the approved activities align with their licensed scope under Article 5 of System No. (39) of 2021. Companies must also adhere to specific articles from the Electronic Payment and Money Transfer System No. (111) of 2017 and the Instructions for Approving International Electronic Payment Systems No. (3/2020). Companies are required to implement an exit plan for any dealings whose purpose falls outside their licensed activities, as such approvals will otherwise be considered nullified.