Financial Consumer Protection Instructions for Customers of Licensed Exchange Companies No. (1/2021)

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

[Logo of the Central Bank of Jordan]

Number: 4/27/ 677
Date: 27/ 5/ 1442 AH
Corresponding to: 11/ 1/ 2021 AD

Financial Consumer Protection Instructions for Customers of Licensed Exchange Companies No. (1/2021)

Issued pursuant to the provisions of Paragraph (b/13) of Article (4) of the Central Bank of Jordan Law No. (23) of 1971 and its amendments, and Articles (17/c, d, e) and (20/c, d) of the Exchange Business Law No. (44) of 2015.

Article (1): Title of the Instructions
These Instructions shall be titled "Financial Consumer Protection Instructions for Customers of Licensed Exchange Companies," and their provisions shall apply to service providers, namely licensed exchange companies in the Kingdom, subject to the supervision and oversight of the Central Bank.

Article (2): Definitions
A- The following words and phrases shall have the meanings specified below wherever they appear in these Instructions, unless the context indicates otherwise:

• The Kingdom: The Hashemite Kingdom of Jordan.
• The Central Bank: The Central Bank of Jordan.
• The Company: The company licensed to conduct exchange business.
• Fees: Wages, commissions, expenses, and/or any other amounts charged by the Company for all services and any other activities provided to customers.
• The Board: The Board of Directors or the Board of Governors of the Company.
• Senior Executive Management: The General Manager, his deputy, his assistant, the Operations Director, and the Financial Director, as well as any employee who holds executive authority parallel to any of the aforementioned and reports directly to the General Manager.
• Foreign Currency: Any currency, claim, balance, or credit in a non-Jordanian currency.
• Exchange Business: Dealing in foreign currencies and precious metals.
• Key Information Document: A disclosure document containing the key information for each service provided by the Company to customers.

B- The definitions contained in the prevailing Exchange Business Law shall apply wherever they are referenced in these Instructions, unless the context indicates otherwise.

Article (3): Scope of Application
A. These Instructions apply to all licensed exchange companies in the Kingdom and to all services they provide to customers.
B. Licensed exchange companies are responsible for any violation of the provisions of these Instructions, whether resulting from actions, omissions, or negligence by the Board, Senior Executive Management, or employees of the Company.

Article (4): Disclosure and Transparency
A. Advertising for services provided by the Company must be clear and comprehensive, including all information, terms, and conditions related to those services. It must not contain false facts or incomprehensible phrases, must be drafted in easy-to-understand Arabic language with readable font, and must include the expiration date of the advertisement offer. B. The Company may advertise its services briefly through electronic means or visual/auditory advertising media, provided that all details related to the advertisement are available on its website and in its branches and offices, in accordance with Paragraph (a) of this Article.
C. Advertisements must not disparage any competing exchange companies in any manner.
D. The Company must provide brochures/booklets containing all services offered to customers, exchange rates, and commissions charged for those services at its work centers or branches. It must also publish the customer's right to file a complaint with the Company, the Central Bank, and the judiciary, and disseminate this information on the Company's website. E. The Company must transparently disclose the price of each foreign currency traded in the Company and display it in a prominent place within the Company's premises and branches. F. Invoices and/or notifications issued by the Company must include, at a minimum:

1. The exchange rate of the foreign currency against the Jordanian Dinar.
2. The date and time of transaction execution.
3. The name of the Company/Branch.
4. Complete customer information on foreign currency buy/sell/exchange forms and remittance forms.
5. The customer's signature on foreign currency buy/sell/exchange forms and remittance forms.
   G. The Company must provide customers with copies of invoices and/or notifications for foreign currency buy/sell/exchange and transfer transactions upon execution.
   H. The Company must disclose transfer fees, commissions, and charges it collects for services provided to customers.
   I. The Company must display its license in a prominent place within its work premises, branches, and offices.
   J. The Company is prohibited from including a clause in the form signed with the customer that prevents the customer from applying for and/or having the right to file a complaint with relevant authorities regarding the service provided.

Article (5): Protection of Customer Data
A. All customer data and information are considered confidential and must not be used or shared with any third party without the customer's prior written consent and in accordance with prevailing legislation and directives issued by the Central Bank on this matter. B. Employees of the Company must sign a written undertaking to maintain the confidentiality of customer data and information, ensuring their commitment not to misuse or disclose such data and information during their employment with the Company and even after leaving employment.
C. The Company is responsible for protecting customer data and information and maintaining their confidentiality. The Company must provide a suitable environment and secure procedures to protect such data and information.
D. The Company must prepare clear work procedures to ensure the protection of customers' electronic data. These procedures must address data entry, modification, and access, as well as archiving, destruction, and backup system protection procedures. The Company must also inform employees of these procedures and train them on them. E. The Company must not disclose any information related to customers when responding to their inquiries, except after verifying their personal identity and confirming their interaction with the Company.

Article (6): Fair and Respectful Customer Treatment A. The "Financial Consumer Protection Instructions for Customers with Disabilities" No. 2018/18 dated 2018/11/18 shall apply, enabling them to access the services provided by the Company easily and conveniently on the basis of equality, fairness, and respect without discrimination, to the extent applicable to customers of licensed exchange companies. B. Employees of the Company are prohibited from favoring or discriminating against customers during any stage of service provision based on religion, sect, race, gender, or any other reason.
C. The Company must prepare a specific policy on principles of fair and respectful customer treatment that meets all requirements of these Instructions and obtain its approval from the Board or Senior Executive Management of the Company. This policy must be reviewed at least every (3) years or whenever necessary, taking into account customer needs through complaints or feedback from customers and relevant parties. The policy must consider the following:

1. Reflecting best practices/international guidelines in conducting exchange business and being compatible with these Instructions.
2. Specifying procedures to be followed by Senior Executive Management and employees of the Company, including penalties for any violation of the approved policy.
3. Reviewing employee training programs, human resources systems, employee evaluation systems, internal compliance systems, incentive systems, and other internal procedures and policies to ensure their continuous alignment with the policy on principles of fair and respectful customer treatment without discrimination.
   D. The Company must not refuse to sell any foreign currency if it is available at the Company.

Article (7): Handling Customer Complaints
A. The "Internal Procedures for Handling Complaints of Customers of Financial and Banking Service Providers" No. (2017/1) dated 2017/8/28, or any other instructions replacing it, shall apply to handle complaints of the Company's customers. B. The Company must establish a specialized unit for handling customer complaints, commensurate with its capital, size, diversity of services, number of branches, and number of complaints. This unit must be under the supervision and follow-up of the Company's Senior Executive Management/General Manager, with necessary resources provided for its operation.
C. The Company must prepare a specific policy/work procedures for handling customer complaints that meet the requirements of these Instructions, obtain approval from the Board, and review it at least every (3) years or whenever necessary, taking into account customer complaints or feedback. The following must be considered:

1. Establishing standards for providing premium service, recognizing that a customer's complaint is their right, and handling complaints in a neutral manner.
2. Informing customers about the services provided by the Company and the methods and procedures for handling complaints.
3. Finding appropriate and fundamental solutions to resolve complaints and reduce their recurrence in the future.
4. Continuously striving to reduce the number of complaints and shorten the time required to handle them.
   D. The Company must ensure that forms and/or brochures include a specific clause regarding the customer's right to file any complaint about the services provided through appropriate communication channels. E. The Company must prepare procedures for receiving and handling complaints, taking into account methods of complaint submission, confirmation of receipt, registration, time periods required for handling, and follow-up on resolution. F. The Company must analyze and evaluate customer complaints and submit periodic reports to the General Manager, with copies to the Senior Management of the Company, detailing results, actions taken to handle complaints, and appropriate recommendations.

Article (8): General Provisions
A. The Company must provide customers with invoices/notifications/forms upon the customer's request, even if there is a legal dispute between the customer and the Company. These must include all necessary details and data, at a minimum:

1. The value of the financial transfer.
2. The foreign currency exchange rate against the Dinar/exchange rate.
3. Transfer fees, commissions, and any other costs.
4. The value in foreign currency.
5. The value in Jordanian Dinar.
   B. Publish these Instructions on the Company's website.
   C. The Company must provide the necessary human and operational resources to execute its business and serve its customers.
   D. The Company must train its employees, especially those dealing directly with customers, on principles of transparent and respectful treatment, as well as the mechanism for evaluating the suitability of services for the customer. E. The Company must clearly advertise its working hours at its premises and branches at the main entrance of each and on the Company's website, and must adhere to the advertised working hours. F. Penalties and procedures approved for violations committed by non-bank financial institutions, issued by the Central Bank of Jordan on this matter, shall apply. G. The Company must provide the Central Bank with quarterly reports on complaints according to the form provided in Annex No. (1), to the extent applicable to customers of exchange companies. This must be done within a maximum period of (15) days from the end of each quarter.

The Governor
D. Ziad Frieh

Attached: Customer Complaints Report Annex.

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Customer Complaints Report Annex

Category	Level One Information	Level Two Information
Nature and Type of Complaint	Electronic Services	Payment Services
		Payment via I-Fawateercom system through the service provider's portal or other payment systems
		Use of Online Banking Services
		ATMs
		Mobile Application Services
		SMS Service
	Commissions and Fees	Commissions imposed on products and services
		Fees imposed on services and products
		Late fees and penalties
	Interest Rates / Returns	Interest/Returns on deposits
		Interest/Returns on loans and credit cards
	Professional Conduct	Refusal to provide service
		Employee behavior
		Behavior of subsidiaries/agents
		Employee non-responsiveness in providing service
		Collection practices
	Payment Cards	Payment from credit/debit cards at merchants and POS
		Payment from credit/debit cards via the Internet
		Fraudulent transactions
		PINs
		Duplicate transaction postings
		Credit card installments
	Marketing of Services and Products	Advertising
		Sales process
	Contracts and Terms	Agreement/Contracts
		Account transactions
		Product insurance
		Deposit products
		Credit products
		Non-issuance of product
		Procedures related to issuing letters of commitment and certificates of no objection
		Check collection/Returned checks
		Services provided by companies and stores contracted with the service provider/suppliers
	Work Environment	Difficulty contacting the service provider
		Delay in obtaining service
		Workplace
	Remittances	* Failure to pay the remittance on time
		Failure of the service provider to execute or deliver the remittance for reasons beyond its control
		Failure to notify the customer about the remittance
		Refusal by the service provider to transfer
	Guarantees and Guarantors	Guarantees
		Guarantors
	Account Classification	Dormant accounts
		Suspension/freezing of account/card for data update purposes
	Credit Inquiry
	Others *

• Including salary remittances
  For example, due to regulatory requirements or correspondent banks, with details must be specified
• Details related to this must be included