Regulatory Alerts2022-02-23
Added · Updated
Instructions of Internal Control Systems for Microfinance Companies No. 11/2020
The Central Bank of Jordan issued Instructions No. 11/2020 establishing mandatory internal control systems for all microfinance companies operating in the Kingdom, effective one year after issuance. The document requires companies to establish independent internal audit, compliance oversight, and risk management departments, while defining specific duties for the Board of Directors and senior executive management. It mandates strict external audit rotation limits, detailed financial and information security protocols, and immediate reporting of fraud or asset shortages to the regulator.
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