Oversight and Supervision on National Payments System Department
Executive Manager: Ghassan Abu Shihab
The Oversight and Supervision on National Payments System Department is responsible for supervising and monitoring the national payments systems to ensure the soundness, efficiency, effectiveness, and continuity of its components and its consistency, Also developing and empowering the financial technology environment and innovations in the financial and banking sector, towards contributing to achieving financial stability in the Kingdome per the enforced laws, regulations, and instructions as well as the relevant practiced international standards. The department performs the following tasks in particular:
- Ensuring the existence of a sound legal and organizational framework for the National Payments System.
- Preparing policies, regulatory frameworks, and strategies related to the National Payments System and its components as well as the technology of payment, innovations, products, and services related to the system and providing proper recommendations thereunto.
- Studying applications for licensing companies that provide electronic payments and transfer of funds services and branching inside and outside the Kingdom and providing proper recommendations concerning these companies.
- Studying banks' applications to license electronic payments systems' management and operation in cooperation and coordination with the Banking Supervision Department and providing the proper recommendations in this respect.
- Studying the money exchange companies' applications to license the management and operation of electronic payments systems and any other payment services except the electronic transfer of funds services in cooperation and coordination with the Money Exchange Supervision Department and providing the proper recommendations in this respect.
- Studying applications of adopting global electronic payments systems in cooperation and coordination with concerned parties and providing the proper recommendations in this respect.
- Supervising and monitoring the National Payments System and its current and planned components in order to identify, assess, and make the necessary changes when needed all to ensure achieving the soundness, efficiency, and effectiveness, and providing the services in a fair manner per the enforced laws, regulations, instructions, and the practiced international standards in this matter.
- Supervising and monitoring the companies that provide electronic payments and transfer of funds services to ensure their financial positions' soundness and evaluate their work per the enforced laws, regulations, instructions, and the practiced international standards in this matter.
- Supervising and monitoring both professionally and technically the administrators of electronic payments systems and payments services providers in cooperation and coordination with the concerned parties and providing the proper recommendations in this respect.
- Coordinating and cooperating with the Anti Money Laundering and Counter-Terrorist Financing Unit to ensure that the administrators of electronic payments systems and payments services providers adhere to the legislation and standards relevant to anti-money laundering and counter-terrorist financing and financing of proliferation as well as implementing the relevant obligations stemming from Security Council resolutions in addition to evaluating their work in this aspect and providing the proper recommendation in this respect.
- Supervising and monitoring third parties contracted with by the administrators of electronic payments systems and payments services providers as well as evaluating their work per the enforced laws, regulations, instructions, and the practiced international standards in this matter when needed.
- Supervising and monitoring the electronic payments systems administrated by the CBJ in coordination with the concerned parties and providing the proper recommendations in this respect.
- Supervising and monitoring the licensed banks to practice any of the activities of managing and operating electronic payments systems as well as the licensed money exchange companies to practice any of the activities of managing and operating electronic payments systems and payment services except electronic payments and transfer of funds services. The department also evaluates their work within the boundaries of payment services and managing and operating the electronic payments systems under the enforced laws, regulations, instructions, and the practiced international standards in coordination and cooperation with the concerned parties and providing the proper recommendations in this respect.
- Checking the soundness of any systems of electronic payments and their efficiency where appropriate. These systems are managed or operated by any government department or official public institution, or public institution. The department may also demand any data or information concerning these institutions if they affect the financial stability in the Kingdom. This is fulfilled in cooperation and coordination with the concerned parties and providing the proper recommendations in this respect.
- Preparing studies and reports on developments and updates in the national payments system and its components as well as the relevant technology of payments, innovations, products, and services in cooperation and coordination with the concerned parties and providing proper recommendations thereunto.
- Studying and following up the laws, regulations, instructions, and international standards relevant to the national payments system and its components, including those concerned with the financial markets' infrastructure and providing proper recommendations thereunto.
- Collecting and managing the statistical data associated with the National Payments System and its components. Besides, the department prepares the statistical, analytical, and monitoring studies and reports relevant to it, makes the proper recommendations, and duly provides them to the concerned parties.
- Collecting and managing the data relevant to the on-site and off-site supervision and oversight of the administrators of the electronic payments systems and the payments services providers. This data includes the results, the penalties incurred for the violations, fines. The data also includes administrative corrective actions. The department is responsible for keeping the data updates in cooperation and coordination with the concerned parties.
- Preparing legislative and regulatory frameworks and policies, strategies and studies concerning managing financial technology and innovations in the financial and banking sector, also managing and organizing financial technology environment and innovations in the financial and banking sector in coordination and cooperation with the concerned parties and providing the proper recommendations in this regards.
- Contributing to implementing the procedures relevant to financial inclusion, financial awareness, protecting the financial consumer within the department's business scope, and coordinating with the concerned parties.
- Seeking to update and develop oversight, supervision, and licensing methods by using advanced means, tools, and approaches and taking advantage of the concerned international institutions' experiences under international standards.
- Cooperating and coordinating with the concerned parties to enhance the soundness, security, efficiency, and impartiality of the national payments system and its components and particularly the aspect related to anti-money laundering and counter-terrorist and financing of proliferation and financial fraud and financial crimes in general as well as cybersecurity cases and providing the necessary recommendations thereunto.
- Studying the complaints on electronic payment and transfer of funds services and setting mechanisms to prevent\ identify\ address any case of unlicensed individuals who practice such services. The department performs this in cooperation and coordination with other concerned parties and providing the necessary recommendations thereunto.
- Carry-out risks and supervisory controls self-assessment related to the departments 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: oversight@cbj.gov.jo