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Jordan’s Banking Regulations and Standards: A Comprehensive Review

Amidst a rapidly evolving global financial landscape, Jordan has made significant strides in establishing robust banking regulations and standards to ensure stability, security, and efficiency.

Overview of the Regulatory Framework

The country’s regulatory framework, governed by various laws and decrees, provides a comprehensive framework for the banking sector. The framework is designed to ensure that banks operate in a safe and sound manner, while also promoting financial inclusion and modernizing the regulatory environment.

Key Milestones in Banking Regulations

Frozen Deposit Management Law No. 17 of 2004: This law outlines procedures for managing frozen deposits and ensuring their safety.
Banking Law (1971): The law has undergone several amendments to keep pace with changing market conditions and global best practices.
Central Bank of Jordan Law No. 23 of 1971: This law regulates the banking sector, maintains financial stability, and empowers the central bank to issue regulations, supervise banks, and ensure compliance with international standards.

Recent Developments in Banking Regulations

In recent years, Jordan has introduced several laws aimed at promoting financial inclusion and modernizing the regulatory framework. Notably:

Electronic Transactions Law No. 15 of 2015: This law facilitates electronic payments and transfers.
Investment Law No. 30 for the year 2014: The law encourages foreign investment in the country.
Securities Law (2017): This law strengthens securities regulations, ensuring transparency and accountability in capital markets.
Islamic Finance Sukuk Law No. 30 of 2012: This law promotes the development of Islamic finance products.

Combating Money Laundering and Terrorist Financing

To combat money laundering and terrorist financing, Jordan has implemented:

Anti-Money Laundering and Terrorist Financing Law No. 46 of 2007: This law requires financial institutions to maintain robust anti-money laundering systems and report suspicious transactions.

Cybersecurity Regulations

Jordan has also enacted regulations aimed at promoting cybersecurity, including:

Cybersecurity Law: This law outlines measures to prevent cyberattacks and protect sensitive information.

Deposit Insurance and Insolvency Regulation

Deposit Insurance Corporation Law No. (33) of the Year 2000: This law provides a safety net for depositors by insuring deposits up to a certain amount.
Insolvency Law: The revised law ensures that insolvent companies are wound up in an orderly manner, minimizing disruption to the financial system.

Conclusion

Overall, Jordan’s banking regulations and standards have undergone significant reforms in recent years, reflecting the country’s commitment to maintaining a robust and efficient financial system.