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Whistleblower Protection for Financial Crimes in Oman Unveiled by Central Bank of Oman

Muscat, October 6, 2023 - The Central Bank of Oman (CBO) has launched a confidential reporting channel to enable members of the public, corporates, and financial institutions to anonymously report unlicensed providers of banking and payment services operating in the Sultanate.

Anonymous Reporting Channel

A dedicated email link report-unlicensed@cbo.gov.om has been established for individuals and organizations to share their suspicions of providers engaging in “Unlicensed Banking Business” and “Payment Services” without a license.

Purpose of the Initiative

According to CBO Executive President Tahir Salim al Amri, the initiative aims to enhance efforts to detect unlicensed entities operating in the financial sector. The circular cited Article 5 of the Banking Law, which requires operators to obtain a license from the CBO, as well as Article 5 of the National Payment Systems Law, which prohibits the provision of payment services without a requisite license.

Whistleblower Protection

Whistleblowers can rest assured that their identities will remain anonymous, said al Amri. The move is part of the Central Bank’s efforts to safeguard the interests of licensed operators and ensure that unwary customers are not defrauded.

Previous Advisories

This measure is the latest in a series of advisories issued by Oman’s apex bank cautioning consumers and the general public about risks related to:

• Electronic phishing
• Donating to anonymous or dubious charities
• Anti-money laundering and terror-financing activities

Protection from Retaliation

The CBO has also emphasized that individuals who report suspected cases of unlicensed business will be protected from retaliation.

Impact on Financial Crimes in Oman

The initiative is seen as a significant step in combating financial crimes in Oman and promoting transparency and accountability in the banking and financial sector.