CBJ issues circular to money exchanges on risk reduction

AMMAN — The Central Bank of Jordan (CBJ) issued a circular to licenced exchange institutions in the Kingdom to reduce risks associated with money transfer operations.

The circular aims to safeguard the security of licenced exchange companies and their clients' transactions, enhance security for money and control measures, and reduce the sector's risks, mainly money transfer transactions, the Jordan News Agency, Petra, reported.

The CBJ stressed the need to meet the specifications and requirements ensuring proper transfer of funds, including preparing vehicles intended for the transfer of funds to ensure risk reduction for the licenced exchange companies during transfer of funds. The bank also called for equipping these vehicles with satellite tracking devices linked to the operations section of the licensed company.