Regulatory Alerts2017-05-03
Added · Updated
Instructions for Licensed Money Exchange Companies to Maintain Foreign Currency Accounts at Foreign Banks
The Central Bank of Jordan mandates that licensed money exchange companies must obtain prior approval to maintain foreign currency accounts at foreign banks, subject to compliance with anti-money laundering laws and acceptable bank risk ratings. These accounts are restricted to financial remittances, settlement with foreign correspondents, and other uses pre-approved by the Central Bank, and cannot be used as collateral for credit facilities. Companies are required to submit quarterly balance statements, include detailed account disclosures in annual financial reports, and maintain up-to-date credit and AML risk assessments for their correspondent banks.
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