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Jordan’s Banking Compliance Regulations: A Guide to Staying Compliant
As the financial sector continues to evolve, banks and financial institutions in Jordan must ensure they are compliant with the country’s banking compliance regulations. In this article, we provide an overview of the key laws and regulations that govern the banking industry in Jordan.
Central Bank of Jordan Law No. 23 of 1971
The Central Bank of Jordan Law No. 23 of 1971 outlines the central bank’s powers and responsibilities. The law sets out the requirements for banks to maintain:
- Adequate capital
- Liquidity
- Robust risk management practices
Insurance Regulatory Law No. (12) of 2021
The Insurance Regulatory Law No. (12) of 2021 aims to regulate the insurance industry in Jordan. The law requires insurance companies to:
- Maintain a minimum level of capital
- Adhere to strict underwriting standards
Banking Law No. 28 of 2000 and its Amendments
The Banking Law No. 28 of 2000 provides the framework for banking operations in Jordan. The law sets out the requirements for banks to:
- Maintain accurate records
- Conduct regular audits
- Comply with anti-money laundering regulations
Money Exchange Business Law No. 44 of 2015
The Money Exchange Business Law No. 44 of 2015 regulates the money exchange business in Jordan, including the sale and purchase of foreign currencies. The law requires:
- Money exchange companies to obtain a license from the Central Bank of Jordan
- Adherence to strict reporting requirements
Electronic Transactions Law No. 15 of 2015
The Electronic Transactions Law No. 15 of 2015 aims to regulate electronic transactions in Jordan, including online banking and e-commerce. The law sets out the requirements for:
- Secure data transmission and storage
- Robust authentication procedures
Credit Information Law - Temporary Law No. 15 of 2010
The Credit Information Law - Temporary Law No. 15 of 2010 provides a framework for credit reporting in Jordan. The law requires:
- Credit reporting agencies to maintain accurate and up-to-date information on borrowers
- Adherence to strict standards for data privacy and security
Conclusion
Banks and financial institutions operating in Jordan must ensure they are compliant with the country’s banking compliance regulations. By understanding the key laws and regulations outlined above, financial institutions can ensure they are meeting their regulatory obligations and maintaining a strong reputation in the market.