Regulatory Alerts2023-10-10
Added · Updated
Instructions for Documenting and Retaining Exchange Operations, Keeping Records and Accounts, and Preparing Financial Statements No. 11/2023
The Central Bank of Jordan issued Instructions No. 11/2023, effective October 8, 2023, for licensed exchange companies. These instructions mandate detailed procedures for documenting and retaining exchange operations, maintaining organized records and accounts, and preparing audited financial statements. Companies must use original withdrawal vouchers for cash operations, reconcile daily cash balances, and retain records and customer invoices for at least five years. Furthermore, the instructions specify comprehensive requirements for the content, signing, and certification of annual audited financial statements, including detailed disclosures on various financial items and transactions, and require the legal accountant to assess compliance with anti-money laundering and terrorism financing laws. The instructions also repeal previous Exchange Business Instructions No. 26 of 1992.