Regulatory Alerts2021-03-03
Added · Updated
Financial Consumer Protection Instructions for Payment and Electronic Money Transfer Companies No. (3/2021)
The Central Bank of Jordan issued Instructions No. (3/2021) imposing consumer protection obligations on licensed payment service providers and electronic payment system managers. The document mandates transparent advertising, clear disclosure of fees with 30 days' notice for changes, and standardized written contracts. It establishes strict requirements for personal data protection, including encryption, access controls, and breach notification, while defining customer rights to data access and revocation. Additionally, providers are held liable for damages resulting from system malfunctions or fraud occurring without customer negligence.
Topics
consumer
privacy
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