Regulatory Alerts2022-05-04
Added · Updated
Instructions on Electronic Money Transfer Business
The Central Bank of Jordan issued these instructions to regulate electronic money transfer orders, defining key terms and specifying that the rules apply to transfers via ATMs, internet, and other electronic means while excluding cheques and securities. The document mandates banks to adopt documentation systems to prove transaction origins, correct errors without charging fees, and notify customers of specific amendments or security issues within fourteen days. It also outlines customer liabilities regarding unauthorized access and requires banks to provide periodic statements and information on restrictions and commissions. Banks are required to modify their internal conditions to comply with these provisions within three months of the document's issuance.