Regulatory Alerts2019-02-04
Added · Updated
Instructions for the Basic Bank Account No. (2019/1)
These instructions mandate banks operating in the Kingdom to open Basic Bank Accounts for financially excluded individuals, requiring simplified due diligence and adherence to specific service offerings and prohibitions. The accounts allow for cash deposits and withdrawals, check deposits, bank transfers, ATM cards, and electronic banking, but prohibit credit facilities, checkbooks, credit cards, or interest unless the account is converted. Banks must adhere to transaction limits, such as a maximum deposit of JOD 350 per transaction and a maximum account balance of JOD 700, and are required to submit annual reports to the Central Bank. The instructions become effective 60 days from their issuance date.