Regulatory Alerts2023-10-12
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Instructions for Licensing Money Exchange Companies Branches No. 8/2023
The Central Bank of Jordan issues these instructions to regulate the licensing, relocation, and suspension of money exchange company branches. Companies must submit detailed applications including board approvals, feasibility studies, and proof of capital increases to obtain initial and final branch licenses. The regulations mandate a two-year operational history for applicants, specify a six-month initial approval period extendable by one year, and require branches to commence operations within six months of final licensing. Additionally, the document outlines strict procedures for relocating offices, temporarily suspending operations, and permanently revoking licenses, while revoking previous branching instructions.
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