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Financial Institutions in Oman Must Comply with Anti-Money Laundering Regulations

The Central Bank of Oman (CBO) has issued guidelines for banks, finance and leasing companies (FLCs), money exchange establishments (MEEs), and payment service providers (PSPs) to prevent money laundering and terrorist financing.

Compliance Requirements

All licensed institutions must comply with the following regulations:

• Complete and submit the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Data Collection Returns and Controls Questionnaire using the STRIX solution.
• Use the STRIX system only for completing periodic surveys and questionnaires, and not for any other purpose.
• Ensure their internet connection and computer hardware are secure and up-to-date with antivirus software, operating systems, and browsers.

Consequences of Non-Compliance

Institutions that fail to comply with the regulations risk regulatory action by CBO. The bank accepts no liability for damage or loss sustained by institutions as a result of breaches or modifications of their confidential information when accessing or completing the periodic surveys.

Security Measures

Reported entities must:

• Inform CBO immediately in case of any malfunction, intrusion, data loss, vulnerability, or irregularity that may or does alter the STRIX solution.
• Undertake not to breach any legal or regulatory provisions, and any attempt to commit fraud or infringement of any kind shall be considered grounds for prosecution.

Adherence Required

All licensed institutions are advised to comply with the requirement and ensure accuracy and timely submission of the information in order to avoid any regulatory action by CBO.