Regulatory Alerts2017-06-09
Added · Updated
Instructions for the Returned Checks’ Unit No. (55/2011)
The Central Bank of Jordan mandates that all licensed banks report client data regarding returned checks to the Central Bank’s Returned Checks’ Unit, with regulations effective from October 30, 2011. Banks must notify clients of returned checks within three business days and require settlement within fifteen days, after which they must electronically list the client’s details with the Unit if unresolved. The document specifies that names remain on the list for one, three, or twelve months depending on whether one, two, or three or more checks were returned, and are automatically removed after five years. Additionally, banks are prohibited from issuing new checkbooks to listed clients and must print specific warnings on checkbook covers regarding the consequences of insufficient funds.