Regulatory Alerts2019-02-11
Added · Updated
Instructions of the Basic Bank Account No. (1/ 2019)
The Central Bank of Jordan mandates banks operating in the Kingdom to open basic bank accounts for financially excluded individuals using simplified due diligence procedures. The instructions prohibit credit facilities, cheque books, and interest on these accounts, while cashing the account balance at 700 JD and limiting branch transactions to two per month with minimal fees. Banks must report annually on account statistics and convert accounts to normal status if balances exceed the ceiling or if holders maintain other banking relationships.