Money Exchange Supervision Department
Executive Manager: Raja Al-Khawaldeh
The Money Exchange Supervision Department is responsible for regulating and supervising the money exchange sector within a comprehensive regulatory, supervisory and legislative framework that is adapted to the Money Exchange Business developments. It verifies the integrity of the Money Exchange companies' performance and the soundness of their financial positions within the limits of laws, regulations and instructions. It also ascertains the extent to which such companies comply with the provisions of the Money Exchange business law, the regulations and instructions issued thereunder, and the Anti-Money Laundering and Combating the Financing of Terrorism / (AML/ CFT) Law in Force and any other relevant legislations. The department follows the risk- based approach when performing its on- site and off- site supervisory duties. In particular, the department performs the following tasks:
- Considering the requests submitted to license money exchange business and following up the companies’ license renewal in accordance with the legislations in force and taking the actions to address such.
- Considering the requests submitted by money exchange companies for opening, relocating, stopping the operation of branches, as well as for making amendments to the company’s articles of association or statue or to its paid up capital, or for any other amendment, including the reconciliation of licensed companies and the measures taken in this regard. It also follows up the measures connected with companies under liquidation or revocation.
- Considering requests submitted by the Ministry of Industry and Trade for purposes of dealing in precious metals in conformity with the applicable Money Exchange Business Law.
- Taking reasonable procedures to identify foreign or local shareholders (natural or legal) and the beneficial owner / final beneficiary of money exchange companies.
- Analyzing companies’ merger requests and providing the appropriate recommendations thereon.
- Preparing annual examination plan based on the risk- based approach.
- Examining money exchange companies according to the plan and the examination manual and informing the companies with significant examination notes.
- Analyzing the reports of chartered accountants of companies and providing the appropriate recommendations thereon.
- Following up the company’s financial positions by analyzing the financial statements and the reports submitted to CBJ and providing the company with the appropriate recommendations thereon.
- Conducting statistical and analytical studies as well as reports on money exchange companies and providing the relevant authorities with such.
- Following up the financial indicators of companies in accordance with the relevant laws, regulations, and instructions.
- Coordinating with the relevant authorities inside and outside the bank to identify any unauthorized practices or remittances and providing appropriate recommendations thereon.
- Contributing to the implementation of raising the financial awareness and literacy procedures in coordination with the relevant authorities within the work scope.
- Developing on- site and off- site examination methods using advanced tools, approaches and the leading experiences in this field.
- Informing money exchange companies with the updates on the locally applicable legislations and the best international practices and standards in this field.
- Following- up valid Jordanian legislations governing the operations of money exchange companies in the Kingdom and providing appropriate recommendations thereon.
- Conducting studies on the latest developments and updates on money exchange sector and providing relevant recommendations thereon.
- Recording violations committed by the money exchange companies and recommending the appropriate penalties to the senior management, and following up the companies' commitment to rectify such violations.
- Receiving and analyzing money exchange notifications related to any suspicious or illegal activities that are contrary to the provisions of the legislations in force and providing recommendations to the relevant authorities to take necessary actions.
- Carryout risks and supervisory controls self-assessment related to the department’s function in coordination with the Risk management and compliance department per the related instructions and the adopted methodologies to determine the levels and methods of processing and managing risks.
E-mail: mexchange@cbj.gov.jo