Regulatory Alerts2007-06-10
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Instructions of Internal Control Systems No (35/2007) Issued by the Central Bank of Jordan
The Central Bank of Jordan mandates that banks implement minimum internal control measures across ten specific areas, including Board and Executive Management duties, organizational structure, internal audit, risk management, financial systems, information technology, and physical security. Banks are required to establish independent risk and audit functions, maintain accurate financial records compliant with International Financial Reporting Standards, and ensure the confidentiality and integrity of information systems. The instructions further require banks to adopt specific physical security protocols, such as dual control for vaults and continuous video surveillance with one-year retention periods.
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