Regulatory Alerts2024-05-05
Added · Updated
Instructions for Licensed Exchange Companies in the Kingdom to Deal with Foreign Exchange and Money Transfer Companies Outside the Kingdom No. (1)
The Central Bank of Jordan issues Instructions No. (1) requiring licensed exchange companies to obtain prior approval before engaging with foreign exchange or money transfer entities. Applicants must submit detailed due diligence information regarding the foreign counterparty's legitimacy, licensing, and anti-money laundering controls. The regulations mandate ongoing risk management, systematic record-keeping, and immediate notification to the Bank if dealing lines are suspended or terminated. These rules apply to all licensed exchange companies in Jordan and supersede conflicting prior circulars.
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aml
fx
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