Instructions for Licensing Money Exchange Companies Branches No. 8/2023

No.: 9/2/10244
Date: 19/11/1444 Hijri
Corresponding to: 08/06/2023
Instructions for Licensing Money Exchange Companies branches No. (8/ 2023) issued in accordance with the Central Bank of Jordan board’s decision No. (142/ 2023) dated 22/5/2023, Pursuant to the provisions of Article (11) of the Money Exchange Business Law No. (44) Of 2015 and Article (17) of the Money Exchange Business Licensing Bylaw No (39) of 2021 and its amendments.
Article 1
These instructions shall be called ‘Money Exchange Companies Branch Licensing Instructions’ and shall come into force on the date of their publication.
Article 2
A. The words and expressions below shall have the meanings assigned thereto hereunder wherever mentioned in these instructions unless the context indicates otherwise. Law: The Money Exchange Business Law No.44 of 2015 and any amendments to it. Bylaw: The Money Exchange Business Bylaw No (39) of 2021 and its amendments or any bylaw that modifies it or replaces it. Kingdom: The Hashemite Kingdom of Jordan. Bank: The Central Bank of Jordan. B. The words and expressions mentioned in these Instructions shall have the same definitions assigned thereto in the Law unless the context indicates otherwise. Branching
Article 3
A. The company that intends to obtain a new branch inside the Kingdom must submit a written application to the bank according to the form attached in Annex (1) duly signed and supported by the documents below:
1. Approval of the Company's Board of Directors/ executive board/ shareholders.
2. Economic feasibility study and the branch's estimated budget for the first three
years.

3. Determining the geographical area of the branch’s intended location and its
estimated space.
4. The estimated opening date.
5. Payment proof of the license application fee mentioned in article (12/ b) of the
Bylaw.
6. Certified copy of the company's organizational structure with the number of
employees in the compliance, internal audit and risk management departments.
7. The approval of the official authorities in case the branch's location is within a
border or in any locations that require so.
8. Any additional requirements and documents requested by the Bank.
B. To examine any branching application, the company must meet the following requirements:
1. The company shall have been in business for at least two years.
2. The company shall have approved and applied internal control systems.
3. The company shall have automated accounting and financial systems, which
enable linking between the branch and the company's main office and that reflect on the company's records and data.
4. The company should identify the source of the funds intended to be used to increase
its capital for the new branch and provide further supporting documents.
5. The company shall meet the minimum capital of its license category that is
stipulated in the bylaw.
C. When examining the branching application, the following shall be taken into account:
1. Any infringement of the law, the bylaw, and instructions issued thereunder and any
relevant legislations.
2. The soundness of the company's financial position and its profitability indicators,
which are determined by the bank and commensurate with the license category of the company.
3. Branches of other money exchange companies in the area requested.

D. Meeting the above conditions is the basis for considering the company's branching application and does not necessarily mean the bank approval to branching.
Article (4):
A. The initial approval shall be for a period of six months from the date of notifying the company. Prior to the expiration of this period, the company may apply for an extension, including the justification. If the bank approves the request, the extension shall be for one time and for a period not exceeding one year from the date of the initial approval. B. The initial approval does not permit the company to engage in the exchange business in any way at the branch before obtaining the final license.
C. The initial branching approval shall be deemed invalid in case that the company fails
to complete the implementation of the conditions and requirements specified for this purpose within the periods specified in clause (A) of this article. If the company still needs to branch out, it shall apply with a new branching application.
Article (5):
For obtaining the branching final license, the company shall provide the bank, within the period of the initial approval, with documents duly supporting the following procedures as follows:
A. Increasing the company's capital per its category by the amount mentioned in article (4/b) of the bylaw and to adjust the amount of financial guarantee accordingly. B. The necessary amendments to the company's memorandum and articles of association and certificate of registration in the Ministry of Industry and Commerce/ Company Control Department by locating the new branch and reflecting its capital increase.
C. Providing the appropriate location to conduct money exchange business provided that
the contract of leasing or ownership must be drawn up in the company's name and duly certified. D. Providing a written undertaking with the provisions of the Law and Anti-Money Laundering and Combating Financing of Terrorism Law (AML/CFT) in force and any other relevant laws and bylaws and instructions issued thereunder in accordance with the form adopted for this purpose.

E. Any additional requirements and documents requested by the bank.
Article 6:
A. The Company is obliged to work in the approved branches within a maximum period of six months from the date of obtaining the final license. Before the expiration of this period, the company may apply in writing for a justified extension. If the Bank approves the application, the extension shall be for one time only and for a period not exceeding one year from the date of the final license. B. The final license of the branch shall be declared null and void if the branch fails to conduct its work within the periods specified in clause (A) of this article. In case that the company still needs to branch out, it shall apply with a new application.
Article 7:
Work in the branch shall not take place unless the branch license fee and the annual fee are paid in accordance with the provisions of the regulations issued thereunder. Relocation
Article 8:
A. A company that desires to change its main office or any of its branches from one location to another shall apply in writing to the bank for prior approval in accordance with the form attached in Annex (2), duly signed and supported by:
1. Approval of the Company's Board of Directors/ executive board /shareholders.
2. A Justified and detailed relocation plan, including the anticipated period for
relocation.
3. The economic feasibility study and the estimated budget of the new site for the first
three years if the relocation application is to a different area.
B. The Company shall initiate relocating procedures after obtaining the approval and provide the bank with the date of commencement of work on the new site and information related to it.
C. The company must be obliged to:
1. Inform the customers of relocating the branch/ main office to its new location by
prominently announcing such in the main office and its pervious location.

2. Remove all indications on practicing the money exchange business at the previous
location.
3. Not to practice any activities of the money exchange business in the old and the
new branch locations at the same time.
Suspending Operating
Article 9:
A. A company that desires to temporarily suspend operating in any of its branches shall apply to the bank in writing with the form attached in Annex (3) for prior approval, duly signed and supported by:
1. Approval of the Company's Board of Directors/ executive board/ shareholders.
2. The Justification and period required for suspending operating.
3. The company's suspension plan, including how it will deal with the remittances
and rights of the clients and providing services.
4. Statement of the company’s financial position at the date of submission of the
application certified by the company's legal accountant.
5. Evidence that the company has completed the requirements to renew its license
and paid the annual fee.
B. If the company obtained the approval to suspend operating in one of its branches, it shall commit to the following:
1. Complete all the required procedures to suspend operating within a period not
exceeding one month at most from the date of the approval and notify the bank of such.
2. Inform its customers at least two weeks before suspending operating by announcing
such at a prominent space in the main office and the concerned branch until the end of the closure period, as well as take the necessary actions to inform its local and external correspondents about suspending operating.
3. Not to engage in any practices of money exchange business during the suspension
period and to commit to commence work immediately after that period.

Article 10:
A company that desires to stop operating its money exchange business permanently in any of its branches shall apply in writing to the bank for a prior approval to revoke the branch's license. The application shall be duly signed by the chairman of the company's Board of Directors/ executive board/ shareholders, including the justification for revoking the Branch's license. General provisions
Article 11:
The company shall inform the bank of any change in the branch’s space whether by increasing or decreasing.
Article 12:
The company shall not conduct its business outside the boundaries of the licensed location.
Article 13:
Instructions for internal branching of licensed exchange companies in the Hashemite Kingdom of Jordan issued pursuant to the Central Bank Board Decision No. 27/2009, amended by Decision No. 27/2020, and any other instructions contrary thereto, shall be revoked. Governor

Annex (1) New Branch License Application Form
Application Date:
1 - Exchange Company Name:

• Company's Main Office Address:
• Starting work date:
• Company Category: A B C D
• Company Capital: __________
• Number of the company licensed branches: ( ).
  2 - Address of the branch proposed location:
  Governorate/ City ______________ District ______________ Street _______ Complex/ Building _____________.
• Estimated opening date:
• Estimated area of the branch: ( ) m2.
• Source of funds for the new branch's capital (relevant document to be
  attached):
  3 Supporting documents to the application:

1. Approval of the company's Board of Directors/ executive board /shareholders.
2. Economic feasibility study and the branch's estimated budget for the first
   three years.
3. Payment proof of the license application fee mentioned in article (12/ b) of the
   bylaw no. (39) of 2021 and its amendments.
4. Certified copy of the company's organizational structure with the number of
   employees in the compliance, internal audit and risk management departments.
5. The approval of the official authorities in case the branch's location is within
   a border or in any locations that require so.

Undertaking and approval
Date:
We, the undersigned (Company Board of Directors/ executive board/shareholders) in the name of the company ____________________ that is applying for a new branch, acknowledge the accuracy of the data and information provided to the Central Bank for this purpose, and we undertake to:
1) Abide by the money exchange business law No. (44) of 2015, the money exchange business
licensing bylaw, and the instructions issued thereunder that govern the exchange business in the Kingdom and any instructions or conditions issued by the Central Bank for this purpose.
2) Abide by the valid Anti-Money Laundering and Combating Financing of Terrorism law
(AML/CFT).
3) Not to practice any business or activities other than money exchange business that is stipulated
in the bylaw in force and specified in the company's final license for the new branch location at:
Governorate/ City __________ District ___________ Street _____________ complex/ building__________ , which has been examined by the Central Bank.
4) Not to engage in any money exchange business outside the boundaries of the above mentioned
location.
Name (Company Board of Directors/ executive board/shareholders) Signature 10 JD Stamps worth

Annex (2) Company Relocation Application Form (Main Office or Branch)
Application Date:
1 - Exchange Company Name:

• Company's Main Office Address:
• Company Category: A B C D
  2 - The site to be relocated:
   Main Office  Branch
  3 - Address of the site to be relocated:
  Governorate/ City ______________ District __________ Street ____________ Complex/ Building ___________. 4 - Address of the site to be relocated to:
  Governorate/ City ______________ District __________ Street ____________ Complex/ Building ___________.
• Expected date of commencement/ opening:
• New site estimated space: ( ) m2.
  5 - Justification for relocating:
  6 Supporting documents to the application:

1. Approval of the company's Board of Directors/ executive board/ shareholders.
2. Detailed relocation plan, including the anticipated time for relocating.
3. The economic feasibility study and the estimated budget of the new site for the
   first three years if the relocating application is to another location.

Undertaking and approval
Date:
We, the undersigned (Company Board of Directors/ executive board/ shareholders) in the name of the company ____________________ that is applying for relocating, acknowledge the accuracy of the data and information provided to the Central Bank for this purpose, and we undertake to:
1) Abide by the money exchange business law No. (44) of 2015, the money exchange business
licensing bylaw, and the instructions issued thereunder that govern the exchange business in the Kingdom and any instructions or conditions issued by the Central Bank for this purpose.
2) Abide by the valid Anti-Money Laundering and Combating Financing of Terrorism law
(AML/CFT).
3) Not to practice any business or activities other than money exchange business that is
stipulated in the bylaw in force and specified in the company's final license for the new branch location at:
Governorate/ City __________ District ___________ Street _____________ complex/ building__________ , which has been examined by the Central Bank.
4) Not to engage in any money exchange business outside the boundaries of the above
mentioned location.
Name (Company Board of Directors/ executive board/ shareholders) Signature 10 JD Stamps worth

Annex (3) Temporary suspending of operating Application Form
Application Date:
1 - Exchange Company Name:

• Company's Main Office Address:
• Company Category: A B C D
  2 - Address of the site to be suspended:
  Governorate/ City ______________ District __________ Street ____________ Complex/ Building ___________. 3 - Desired time period to suspend operating:
  From: / / to: / /
  4 - Reasons to Suspend Operating
  5 Supporting documents to the application:

1. Approval of the company's Board of Directors/ executive board/ shareholders
2. The company's suspending operating plan, including how it will deal with the
   remittances and rights of the clients and providing services.
3. Statement of the company’s financial position at the date of submission of the
   application certified by the company's legal accountant.
4. Evidence that the company has completed the requirements to renew its
   license and paid the annual fee.

Undertaking and approval
Date:
We, the undersigned (Company Board of Directors/ executive board/ shareholders) in the name of the company ____________________ that is applying for temporarily suspending operating, acknowledge the accuracy of the data and information provided to the Central Bank for this purpose, and we undertake to:
1) Abide by the money exchange business law No. (44) of 2015, the money exchange business
licensing bylaw, and the instructions issued thereunder that govern the exchange business in the Kingdom and any instructions or conditions issued by the Central Bank for this purpose.
2) Abide by the valid Anti- Money Laundering and Combating Financing of Terrorism law
(AML/CFT).
3) Not to practice any money exchange business during the period of cessation of work and commit
to begin work immediately after the end of that period.
Name (Company Board of Directors/ shareholders) Signature 10 JD Stamps worth