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Jordan’s Financial Institution Compliance Certifications: A Comprehensive Guide

As Jordan’s financial sector continues to grow and evolve, compliance certifications have become a critical component of doing business. In order to obtain these certifications, financial institutions must provide a range of documents that demonstrate their commitment to regulatory requirements.

Applying for a License

When applying for a license, applicants must submit the following documentation:

• Company name and address
• Type of company
• Registration information
• Details on the nature of their work
• Professional experience of senior management

Renewing Licenses and Opening New Branches

Financial institutions seeking to renew their licenses or open new branches must provide additional documentation, including:

• Proof of payment of renewal fees
• Bank guarantees

Certification Requirements

To obtain certification, financial institutions must demonstrate the following:

• Evidence that required capital has been deposited in a company bank account
• A compliance manual outlining procedures for ensuring effective oversight of activities
• Written work procedures
• Lists of services offered
• Basis for calculating commissions or service fees

Additional Requirements

Financial institutions must also provide evidence that the required fees are paid, as well as certificates showing that:

• Members of the board and senior management have not been convicted of a crime or misdemeanor

Conclusion

Jordan’s financial institution compliance certifications require a comprehensive range of documentation to ensure regulatory requirements are met. By understanding these requirements, financial institutions can ensure they meet the necessary standards and continue to operate successfully in the market.

Sources

• Commission Circulars
• Company Registration Documents